BTC Daily Transactions Hit Record High

Key Takeaways

The Bitcoin network hit a new daily transaction record of 926,842 on April 23, surpassing the previous record set in December 2023;
Bitcoin Runes now accounts for 68% of the network’s transactions with over 3.6 million related transactions;
DeFi analyst Ignas suggests that while interest in Runes may initially mimic the volatility of NFTs and memecoins, its long-term potential remains promising.

The Bitcoin network reached a new peak in daily transactions with 926,842 on April 23, surpassing the previous high of over 731,000 transactions set in December 2023.

This spike in activity occurred soon after Bitcoin’s fourth halving on April 20 and coincided with the introduction of Bitcoin Runes, a protocol designed for issuing fungible tokens.

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Bitcoin Runes has quickly become a major contributor to the network’s transaction volume, accounting for 68% of all transactions, with over 3.6 million transactions related to this protocol, according to Dune data.

DeFi analyst Ignas has noted that the surge in interest for Runes mirrors excitement seen in other digital assets like NFTs and memecoins, which often experience downturns as the novelty wears off. However, he remains bullish on Runes long-term:

If I’m right, the real opportunity comes after the hype cools down post the Rune protocol launch.

Despite this transactional high, Bitcoin’s price remained relatively stable, standing at nearly $64,000 at the time of writing.

Nonetheless, this new Bitcoin’s record not only highlights the network’s expanding functionality but also reflects the excitement surrounding new blockchain innovations. 

In other BTC-related news, an “epic sat” from the fourth Bitcoin halving was recently auctioned off for 33.3 BTC (approximately $2.13 million).

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SOURCE: COIN JOURNAL