On-chain data shows that the Bitcoin network saw a spike in trading activity after the halving. While the justification is that it was halved, on-chain data shows a surge in trading activity. concluded halving Bring about a lot of attention Bitcoin is not the only reason for recent trading activity.
The data collected by the on-chain analysis platform IntoTheBlock shows that daily BTC transactions have increased. transactions The number of tokens has risen rapidly over the last few days, reaching a record high 927,000. This is thanks to the new standard. called Runes.
Bitcoin Daily Transactions reach new all-time high
Bitcoin has seen a massive increase in price since January, as the interest for the leading cryptocurrency has exploded. With all this new interest, more people are buying, selling and trading BTC. That has lead to an increase in daily transactions.
The number of transactions per day has increased, but it is still below the record set in the last four months. This week, however, this figure was surpassed.
Runes is the main driver behind this surge in activity. Runes Protocol on BTC is a brand new standard of tokens that allows users to more easily create fungible coins.
Runes provides additional functionality that opens up new options for Bitcoin. Users can create non-fungible tokens much more easily than they could with BRC-20.
Bitcoin now trades at $63.711. Chart: TradingView
Runes’ standard was immediately adopted by both developers and Bitcoin users, accounting for more than 68% of transactions. Dune’s dashboard analytics shows that the total number of Runes transaction on April 23, reached 753,000. In the end, the number of Runes transactions reached 753,000 on Tuesday.
Bitcoin transactions have reached a record high!
After the release of Runes on Tuesday, Bitcoin transaction numbers increased quickly, reaching 927,000. It is a record breaking number, surpassing the 724k mark set by December 2023. pic.twitter.com/30JXbrLmdR
— IntoTheBlock (@intotheblock) April 26, 2024
A lot of the excitement surrounding Runes seems to have waned. In the last 24 hours the number of Runes transactions has fallen from 104,800 to only 104,800, which is 26% of all transactions.
Bitcoin Price Prediction
Bitcoin was trading for $63,711 at the time this article was written. The price resistance is now located around $64,500. Bitcoin’s trajectory is difficult to predict. Bitcoin analysts and investors are expecting a bullish impact from the recently concluded price halving. A Bitcoin bull flag has just been formed There is a possibility that the trend will soon be upward.
Crypto expert Peter Brandt thinks that Bitcoin has already reached the top of its current cycle. He believes that his theory is. based on the exponential decay The thesis that shows the Bitcoin percentage increase has decreased in subsequent market cycles.
Featured image is from Pexels and chart by TradingView
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