Crypto News Today- Bitcoin Runes Hype Declines, Transactions Drop by 84%

Bitcoin Runes Hype Subsides, Transaction Volume Down 84%

Crypto News– Until April 24, transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions. The peak was on April 23, when these transactions made up 81.3% of the bandwidth. However, by May 2, this figure had dropped to 11.1%.

The hype around Runes picked up again the following weekend on May 4, 5, and 6, as shown in the Dune chart above. However, it has been trending downward since then.

Transactions attributed to the Runes protocol accounted for over 50% of all Bitcoin transactions until April 24. The peak occurred on April 23, when these transactions represented 81.3% of the bandwidth. However, by May 2, this figure had dropped to 11.1%.

The Runes hype picked up again the following weekend on May 4, 5, and 6, as shown in the Dune chart above. However, it has trended downward since then.

As of May 22, Runes represented 12.7% of Bitcoin transactions, significantly higher than Bitcoin Ordinals (0.7%) and BRC-20 (1.5%). The rest was accounted for by BTC transactions. As a result, Runes transactions have decreased by over 84% since their all-time high.

Runes are part of a broader developer movement called Bitcoin Decentralized Finance (DeFi), or BTCFi, which seeks to enhance the utility of the Bitcoin network. With the addition of the newly launched protocol to Ordinals and BRC-20, the Bitcoin network reached a record high of 926,000 daily transactions.

FAQs

For the latest in crypto updates, keep tabs on Crypto Data Space.