Bitcoin’s blockchain bandwidth usage has surged past 90% following the recent Bitcoin halving, a testament to its renewed preeminence in the cryptocurrency market. According to a chart from Dune Analytics, BTC’s dominance exceeds 6.8% for Runes, 1.6% for BRC-20, and 0.2% for Ordinals in transactional share.
Bitcoin Dominance Surges Post Halving
Notably, one of the key drivers behind this increased dominance is the introduction of new token standards like Runes and BRC-20 on the Bitcoin network. These standards have enabled a broader range of applications and have attracted developers who previously focused on other blockchains.
In addition to new token standards, there has been a marked increase in transaction volume on the Bitcoin network. Post-halving, the number of transactions has grown significantly, reflecting heightened interest and activity. Likewise, this surge can be attributed to several factors, including increased adoption by institutional investors and the growing recognition of Bitcoin as a hedge against inflation and economic uncertainty.
Moreover, Bitcoin’s established position as the first and most recognized cryptocurrency continues to attract users and developers. Its security, robustness, and widespread acceptance make it a preferred choice for many, reinforcing its blockchain dominance.
Bitcoin Dominance Exert Renewed Pressure on Altcoins
In April, the dominance of BTC in the cryptocurrency market surged to its highest level in three years, exerting renewed pressure on altcoins. Popular trader and social media influencer Bagsy commented on the impressive rise in BTC dominance, considering the continuous influx of new altcoins into the market.
Fellow trader Daan Crypto Trades highlighted the disparity in drawdown between BTC and altcoins, emphasizing the substantial damage inflicted on the altcoin sector. Despite the recent dominance of BTC, hopes for an “altseason” remain intact among traders.
DeFi Technologies Embraces Bitcoin
At the beginning of the month, DeFi Technologies, a publicly listed exchange-traded product (ETP) provider and venture capital firm, made a significant move by adopting BTC as its primary treasury reserve asset.
Interestingly, the announcement positively impacted DeFi Technologies’ share prices. Following the news, the company’s shares experienced a notable increase on Canadian stock exchanges and U.S. over-the-counter (OTC) exchanges.
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