CDS Crypto News Bitcoin sets a fresh record for daily transaction volumes
Crypto News

Bitcoin sets a fresh record for daily transaction volumes

Driven by a mounting interest in Runes, the Bitcoin network achieved over 926,000 daily transactions.

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Bitcoin Sets A Fresh Record For Daily Transaction Volumes

Crypto NewsBitcoin achieved a remarkable milestone recently, surpassing 926,000 daily transactions. This new all-time high was reached just three days after the Bitcoin halving event. According to data from Glassnode, on April 23, Bitcoin recorded over 926,000 transactions, surpassing the previous high of 731,000 transactions in December 2023.

Bitcoin sets a fresh record for daily transaction volumes

This surge in daily transaction volume coincided with the launch of Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network. Runes transactions accounted for the majority, comprising 68% of all Bitcoin transactions. Investors conducted a total of 3.6 million Runes-related transactions, indicating significant activity in this segment.

Bitcoin Sets A Fresh Record For Daily Transaction Volumes

While it remains uncertain whether Runes will maintain dominance as the standard token on the Bitcoin network, they underscore the value of block space on Bitcoin. According to Nazar Khan, the co-founder and CEO of TeraWulf, Runes and similar tokens demonstrate the inherent value of block space. Khan emphasized that the Bitcoin network’s decentralized, secure, and robust nature ensures that there will be various use cases and value derived from block space.

Bitcoin Sets A Fresh Record For Daily Transaction Volumes

The true potential for Bitcoin Runes might only materialize in the coming months

While Runes have sparked considerable excitement within the Bitcoin community, the genuine market opportunity might not fully materialize until several months after the initial wave of investor enthusiasm subsides. This sentiment was echoed by the pseudonymous decentralized finance (DeFi) researcher Ignas, who expressed in an April 17 X post:

Ignas cautioned that due to their initial lack of utility, Runes could trade similarly to volatile memecoins immediately after their launch.

Bitcoin Sets A Fresh Record For Daily Transaction Volumes

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