On-chain data shows that the Bitcoin network has seen a spike in trading activity in the days following the halving. It's justice, but concluded that halving bring up attracting a lot of attention As with Bitcoin, the recent surge in trading activity could be due to other factors.
According to data from on-chain analytics platform IntoTheBlock, the number of daily BTC transaction Thanks to new token standards, it has grown rapidly in the past few days and reached a new high of 927,000 called a rune.
Bitcoin daily transaction amount hits new record high
Bitcoin prices have soared since the beginning of the year, and interest in the top cryptocurrency has exploded. This new interest meant more people were buying, selling, and trading their BTC, which led to a significant increase in the number of daily transactions.
Despite the increase in activity, as recently as this week, the number of daily transactions had failed to surpass the previous four-month record of 724,000 transactions.
The main catalyst for this surge in activity is the recent introduction of the Runes token standard on the Bitcoin blockchain. The Runes protocol is a new token standard for his BTC that provides users with a more efficient way to create fungible tokens.
The additional functionality provided by Runes opens up new possibilities for Bitcoin, allowing users to create non-fungible tokens more efficiently than the existing BRC-20 token system.
Bitcoin is now trading at $63.711. Chart: TradingView
The Runes token standard exploded among developers and users shortly after its launch, accounting for over 68% of all recorded Bitcoin transactions. According to Dune's analytics dashboard, Dune's transaction count soared to 753,000 on Tuesday, April 23rd. As a result, the total number of transactions for the day exceeded 927,000, breaking the previous record of 724,000 set in December 2023.
Bitcoin has hit a new high in daily trading!
After the launch of Runes, the number of Bitcoin transactions increased rapidly, reaching 927,000 on Tuesday. This beats the previous high of 724,000 set in December 2023. pic.twitter.com/30JXbrLmdR
— Into the Block (@intotheblock) April 26, 2024
Meanwhile, the hype surrounding the Rune Token standard seems to have quickly dissipated. Rune's number of transactions decreased to 104,800 in the past 24 hours, accounting for his 26% of the total number of transactions.
Bitcoin price prediction
At the time of writing, Bitcoin is trading at $63,711, with price resistance currently near $64,500. Predicting Bitcoin price trends can be very difficult. Many Bitcoin analysts and traders still expect the just-concluded halving to have a bullish impact on the cryptocurrency's price.Bitcoin The bull flag has just formed This suggests that an uptrend may occur soon.
However, cryptocurrency expert Peter Brandt believes that Bitcoin may have already reached its highest value in the current market cycle.his theory is Based on exponential decay The paper shows that the rate of increase in Bitcoin price decreased in subsequent market cycles.
Featured images from Pexels, charts from TradingView
