Bitcoin price volatility, Runes trading volume has plummeted significantly - Latest cryptocurrency dynamics
Runes' trading volume has drastically dropped, now accounting for only 1.67% of Bitcoin (BTC) network daily activity.
Runes' trading volume has fallen sharply, now only making up 1.67% of Bitcoin's daily trading volume, which is incomparable to earlier this year. Back in the peak period from April to November, Runes accounted for over 50% of Bitcoin trading. Now, daily transaction fees have dropped below $250,000, and network activity has significantly decreased, making the entire ecosystem appear a bit fragile.
Why is Bitcoin's price so volatile, affecting Runes?
Market analysts say that the instability of Bitcoin's price is the main reason for the decrease in Runes' trading volume. The Bitcoin market is constantly uncertain, leading to diminished interest in experimental protocols like Runes and Ordinals.
Is the Runes ecosystem going to undergo a major change?
Indeed, the Runes ecosystem is indeed changing. Its trading share has plummeted from over 50% to below 10%. This indicates that the overall market environment is shifting, and people are more willing to seek lower-risk investments.
In the current situation, there are a few key points to mention:
The sharp decline in Runes' trading share indicates that users are engaging less.
The instability of Bitcoin's price has lowered interest in experimental protocols.
The market is now focused on artificial intelligence projects, meme coins, and Ethereum assets.
Once Bitcoin stabilizes, Runes might potentially rise again.
Market participants are keeping an eye on projects like Runes and Ordinals, believing that under better conditions, they might make a comeback. After all, once Bitcoin's price stabilizes, interest in these platforms may return, which is a common occurrence in the cryptocurrency space.
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