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Bitcoin opened above $65,000 on Monday for the first time in more than a week. It has rebounded slightly since then, but is still 0.5% higher than it was at this point yesterday.
And what's good for Bitcoin is also great for other crypto markets. As of early Monday morning, global cryptocurrency market capitalization remained at $2.5 trillion, after rising 1.3% over the past day, according to data from CoinGecko.
As of this writing, the price of Bitcoin is falling. 64,264.08, still 3% higher than this time last week. In the past day, $13 billion worth of his BTC was traded. Roughly 22% of that trading volume was traded on Binance, the world's largest cryptocurrency exchange by trading volume.
On Binance, the First Digital USD (FDUSD) stablecoin is the most popular trading pair for BTC investors, according to data from CoinGecko. FDUSD, launched in 2023 by Hong Kong-based company First Digital Labs, has recorded trading volume worth $3 billion in the past day.
The world's oldest and largest cryptocurrency by market capitalization has also just celebrated a birthday of sorts. The Bitcoin network currently processes over 1 billion transactions.
Around this time last year, when the BRC-20 standard and ordinal numbers skyrocketed in popularity, Bitcoin's daily transaction value soared to an all-time high, but not without some controversy. A vocal group of developers at the time argued that BRC-20 tokens and ordinal numbers should be blocked on the network.
But now, newcomer Runes is the main driver behind the growth of daily trading. Just yesterday, the Bitcoin network saw 304,306 rune transactions, 193,439 “good old BTC” transactions, and about 4,000 combined Ordinal and BRC-20 transactions, according to the Dune dashboard. That's what it means. This means that runes accounted for about 60% of all transactions on the network yesterday.
Runes is a protocol built on top of Bitcoin. It is described as a project that picks up BRC-20 tokens, effectively introducing NFT-like assets into the network. Runes is an attempt to make the process of creating fungible tokens with Bitcoin more efficient, ushering in a new era of shitty coins for crypto OGs.
There were several other notable Bitcoin moves over the weekend.
First, a 13-year-old wallet that held 687 Bitcoins since trading at $2 just moved its stash. Highlighted by Bitgrow Founder Vivek Sen on Twitter Early this morning.
It's hard to explain why an anonymous whale wallet created more than a decade ago moved funds, but traders take it as an encouraging sign that people who could have sold at any time continued to hold BTC for a long time. Tend.
“The owners of the wallets concealed amounts ranging from $2 to $65,000,” Sen wrote. “What a legend!”
