- Bitcoin users paid $7.47 million in gas fees in the past 24 hours.
- Halving and Rune Upgrades will be released on April 20th.
- Bitcoin NFT and BRC-20 trading activity is picking up heading into Saturday.
According to data from data analysis site Cryptofees, in the past 24 hours, the fees paid by users in Bitcoin exceeded the fees paid by users in Ethereum.
Transaction fees paid by users were $7.47 million for Bitcoin, compared to $7.31 million for Ethereum. This day marks the sixth highest fee generated by Bitcoin in 2024.
The increase in fees paid by Bitcoin users is being driven by enthusiasm for the upcoming halving and rune upgrades.
Due to the activity on Ethereum due to DeFi protocols, Ethereum fees are typically higher than Bitcoin fees. His 7-day average of fees for Ethereum is $8.5 million, while for Bitcoin he is $7.5 million.
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Bitcoin halving is expected to occur on Saturday. Half-life he occurs every 4 years. This reduces the reward for minting a new Bitcoin block by half from 6.25 Bitcoins to 3.125 Bitcoins.
Rune upgrades will also be released on Saturday. It is designed to make NFT and token transactions on the Bitcoin blockchain more efficient.
Expectations surrounding upgrades appear to be fueling most of the activity regarding Bitcoin, as Bitcoin NFTs dominate in terms of volume and users compared to other blockchains.
Magic Eden, an NFT marketplace, had a trading volume of $37 million in the last 24 hours. About 67% of that activity, or $25 million, was related to Bitcoin. That was more than two of his more popular NFT marketplaces, Blur and OpenSea, combined.
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The most actively traded Bitcoin NFT collection is Runestone, with a trading volume of $9.6 million in the past 24 hours. In contrast, major Ethereum collections Pudgy Penguins and Bored Ape Yacht Club posted trading volumes of $3.7 million and $3.4 million, respectively.
After a rune upgrade, runestone owners can expect to receive airdrops from three different rune meme coin projects. The name of the first airdrop was dogis expected to be released at the end of this month.The remaining two of his meme coins are scheduled to be airdropped At the end of the year.
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Bitcoin’s token, BRC-20, has also seen an increase in activity. In the last 24 hours, a user trading BRC-20 paid more than 18.6 Bitcoin in fees.
Some of these tokens (such as WZRD) Bitcoin Wizards Ordinal, up 12,234% in the past 30 days. According to CoinGecko, BRC-20 has a market capitalization of over $2.5 billion.
Ryan Celaj is a data correspondent for DL News. Any tips?send him an email ryan@dlnews.com.
