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.
FAQs
What is the BTC halving event?
The BTC halving event refers to a programmed reduction in the reward that Bitcoin miners receive for validating transactions, occurring approximately every four years.
How does the BTC halving affect Bitcoin’s blockchain dominance?
The halving typically reduces the rate at which new Bitcoins are generated, which can lead to increased scarcity and potentially higher demand. This, in turn, may contribute to Bitcoin reclaiming dominance in the cryptocurrency market.
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