In another milestone for the Bitcoin network, its daily transactions peaked at 927,000, surpassing the previous record of 724,000 set in December 2023, according to findings from Intotheblock.
The launch of Runes triggered a rapid surge, demonstrating growing interest and utility in cryptocurrencies, setting a new all-time high in Bitcoin transaction activity.
Runes, a new token standard on the Bitcoin blockchain, has dominated transactions since its launch after the halving on April 20, accounting for more than two-thirds of all Bitcoin transactions. With over 2.38 million transactions processed, Runes represent 68% of the total.
Bitcoin Hit a New High in Daily Transactions!
Following 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
– Intotheblock (@intotheblock) April 26, 2024
This data, from a Dune Analytics dashboard shared by blockchain research firm Crypto Koryo, indicated significant adoption and usage of Runes alongside traditional Bitcoin transactions, including peer-to-peer transactions. ordinary, BRC-20 and ordinal.
Runes saw its highest activity, surpassing 750,000 transactions on April 23. However, the next day, the number of transactions dropped to 312,000, less than half of the previous day’s total.
Industry experts appear divided on whether Runes will provide a sustainable source of income for Bitcoin miners.
The new protocol, introduced by Ordinals creator Casey Rodarmor, is touted as a more efficient way to generate tokens on the Bitcoin network compared to BRC-20.
However, some commenters, like Blockchair’s Nikita Zhavoronkov, have critical the amount of block space taken up by Runes transactions, suggesting that Bitcoin has deviated from Satoshi Nakamoto’s original vision as a peer-to-peer electronic payment system.
