LIVE🚀Strong Bullish Case for Bitcoin As It Breaks Record with 1.6 Million Confirmed Payments in a Single Day!💰💵
The Bitcoin network just set a new milestone by processing 1.6 million confirmed payments on April 23, showing the growing adoption of Bitcoin (BTC) for everyday transactions. This surge came just days after the network entered a new halving cycle on April 20.
Blockchain.com and Glassnode data indicate that this record-breaking day coincided with the rise of Bitcoin Runes, an alternative to Bitcoin Ordinals and the BRC-20 protocol. On April 23, Runes accounted for a whopping 81.3% of all Bitcoin transactions, demonstrating their impact on the network's activity.
However, the balance quickly shifted back to traditional BTC transactions. By April 29, BTC regained dominance with 77.8% of all transactions, while Runes dropped to 18.8%. Other transactions on the Bitcoin network, like Ordinals and BRC-20, represented smaller portions.
Bitcoin Runes have not only increased transaction activity but also benefited the mining industry. U.S.-based mining firms like Stronghold Digital Mining and Marathon confirmed that Runes positively impacted both financial returns and network functionality. Since the latest Bitcoin halving, Rune transactions have added over 1,200 BTC in transaction fees to miners.
Despite the initial hype around Runes, some analysts suggest caution. Ignas, a pseudonymous decentralized finance (DeFi) researcher, noted in an April 17 X post that the market could cool off, comparing the current frenzy to the NFT craze after the post-JPEG reveal.
While the excitement around Runes might be fading, they still offer a new level of utility and potential in the evolving Bitcoin ecosystem. Lemme know in the comments if it's all fugazi or hype in your opinion.👇
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