Bitcoin halving just happened on April 20, 2024, and following that, the number of Bitcoin transactions reached a new all-time high of 926,842 on April 23, 2024.
As per the Glassnode data, this record of the daily transition of Bitcoin has suppressed the previous peak of over 731,000 transactions reached in December 2023.
The record daily transaction count happened three days after the Bitcoin Halving, and the introduction of Bitcoin Runes, a new system for producing fungible tokens on the Bitcoin network.
Runes constitute the majority of cryptocurrency transactions with 68% of all Bitcoin transactions being runes. Dune reports that investors have completed 3.6 million Runes-related transactions.
According to Nazar Khan, co-founder and CEO of TeraWulf, runes are proof of the worth of block space on Bitcoin even though they might not continue to be the predominant token standard of the network.
Even with the record number of transactions, the price of Bitcoin is still very low, hovering around $64,000. As per CoinMarketCap data, the first cryptocurrency in history dropped more than 9% on the monthly chart.
Ignas, the pseudonymous decentralized finance (DeFi) researcher Ignas, suggests that while Runes sparked Bitcoin community interest, the true market potential may emerge after the initial hype fades.
Ignas shared in an April 17 X post, where he added, “Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that runes could trade similarly to volatile memecoins right after introduction due to their initial lack of utility.
Also Read: Bitcoin Halving Unlikely To Impact Price For 18 Months: Kaiko
