The Bitcoin network has seen a significant increase in trading activity following the recent halving event. While the halving did attract attention to Bitcoin, the surge in trading can be attributed to something else.
Data from the on-chain analytics platform IntoTheBlock shows that the number of daily BTC transactions has reached a new high of 927,000 in recent days, thanks to a new token standard called Runes.
Bitcoin’s price has been on the rise since the beginning of the year, leading to a surge in interest in the cryptocurrency. This increased interest has resulted in more people buying, selling, and trading BTC, which in turn has led to a sharp increase in daily transactions.
The recent launch of the Runes token standard on the Bitcoin blockchain has been a major catalyst for the surge in activity. Runes Protocol is a new token standard on BTC that allows for more efficient creation of fungible tokens. This new functionality has opened up new possibilities for Bitcoin, making it easier for users to create non-fungible tokens compared to the existing BRC-20 token system.
Following the launch of Runes, the number of Bitcoin transactions surged, with Runes transactions accounting for over 68% of total transactions. However, the hype surrounding Runes seems to have faded quickly, with the number of transactions falling in the past 24 hours.
As of now, Bitcoin is trading at $63,711, with a price resistance around $64,500. The trajectory of Bitcoin’s price is difficult to predict, with some analysts expecting a bullish effect from the halving, while others believe that Bitcoin may have already reached its peak in the current market cycle.
It’s important to note that this article is for educational purposes only and does not constitute investment advice. It’s always recommended to conduct your own research before making any investment decisions. Trading cryptocurrencies carries risks, so it’s essential to use information from this article at your own discretion.