Crypto News- BTC halving prompts Bitcoin to reclaim blockchain dominance

Crypto News- Bitcoin regains blockchain supremacy following BTC halving

Crypto News– Bitcoin’s blockchain usage has surged to over 90% for the first time since the April halving event, indicating a significant increase in network activity.

Despite widespread Fear, Uncertainty, and Doubt (FUD), Bitcoin adoption, transaction volume, and trading activity remain robust.

According to a chart by Dune Analytics user Cryptokoryo on June 20, Bitcoin’s dominance in transactional share stood at 91.4%, surpassing 6.8% for Runes, 1.6% for BRC-20 tokens, and 0.2% for Ordinals.

Always seeking Rune for betterment

The rise in bandwidth usage following the halving event can be largely attributed to the adoption of new token standards, such as Runes and BRC-20.

According to data from Dune Analytics, there has been a notable increase in transactions involving these token standards. Specifically, on April 23, transactions involving Runes surpassed 750,000, marking a significant uptick in activity.

Effects after the halving

The BTC halving event in April, which cut block rewards for miners by 50%, prompted miners to focus on transactions with higher fees to offset the reduced rewards.

Regarding the impact of the halving on the BTC blockchain, analysts from Bitfinex shared with Cointelegraph:

After the halving event, we usually see increased onchain activity. Traders and investors adjust their positions, resulting in more transactions being sent across the network.

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