Rune

Bitcoin

April

FOMO

Amid increasing Bitcoin (<a href="https://cointelegraph.com/bitcoin-price%5C">BTC</a>) use for day-to-day purchases, the Bitcoin network recorded the highest number of confirmed payments on April 23.&nbsp;
Three days after <a href="https://cointelegraph.com/news/bitcoin-halving-2024">stepping into the new halving cycle</a> on April 20, the Bitcoin network processed over 1.6 million unique transactions between sender and receivers. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/a59a41b2-f240-449b-bd39-0d7d7e2ff0b2.png" alt="" title="">
 <figcaption style="text-align: center;">
 The total number of confirmed payments per day. Source: Blockchain.com
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</figure>
Comparing data from <a href="https://www.blockchain.com/explorer/charts/n-payments" target="_blank" rel="noopener nofollow">Blockchain.com</a> and <a href="https://studio.glassnode.com/metrics?a=BTC&amp;category=&amp;m=transactions.Count&amp;mAvg=0&amp;mMedian=0&amp;s=1676297977&amp;u=1714003200&amp;zoom=" target="_blank" rel="noopener nofollow">Glassnode</a> shows a direct correlation between the launch of Bitcoin Runes — an alternative to Bitcoin Ordinals and the BRC-20 protocol on the Bitcoin blockchain — and the spike in daily Bitcoin transactions. 
<a href="https://dune.com/cryptokoryo/runes" target="_blank" rel="noopener nofollow">According</a> to Dune Analytics data, Runes represented 81.3% of all Bitcoin transactions on April 23.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/c0954c54-d9f5-4494-a33c-9cda0af037f5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Share of Bitcoin transactions by type. Source: Dune Analytics
 </figcaption>
</figure>
However, BTC eventually reclaimed the lion’s share of transactions over the network. As of April 29, BTC represented 77.8% of all Bitcoin transactions, while Runes contributed 18.8%. Other transactions on the Bitcoin network comprise ordinals (1.2%) and BRC-20 (2.3%) transactions.
Check out this Cointelegraph guide to <a href="https://cointelegraph.com/learn/bitcoin-runes">learn more about Bitcoin Runes</a> and how they differ from BRC-20 tokens.
The increase in the number of Bitcoin Runes transactions has worked in the favor of the mining industry.&nbsp;Two of the biggest mining firms operating in the United States,&nbsp;Stronghold Digital Mining and&nbsp;Marathon, highlighted the positive influence of Runes from both a financial and functional perspective in correspondence with Cointelegraph. 
Rune transactions have added over <a href="https://cointelegraph.com/news/miners-reap-bitcoin-runes-fees">1,200 BTC worth of transaction fees to miners</a> since the Bitcoin halving took effect.
Related: <a href="https://cointelegraph.com/news/omnity-rolls-out-integration-for-no-fee-runes-trading">Omnity rolls out integration for no-fee Runes trading</a>
While the hype around Runes is evidently subsiding, the pseudonymous decentralized finance (DeFi) researcher Ignas sees it as <a href="https://cointelegraph.com/news/real-opportunity-bitcoin-runes-after-first-wave-investor-hype">a real market opportunity</a>. Ignas wrote in an April 17 X <a href="https://twitter.com/DefiIgnas/status/1780547832287789556" target="_blank" rel="noopener nofollow">post</a>:
<blockquote data-ct-non-breakable="true">
 “Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
</blockquote>
Runes and BRC-20 tokens are new fungible token standards aiming to create more utility for Bitcoin in a new paradigm known as Bitcoin DeFi, or BTCFi for short.
Magazine: <a href="https://cointelegraph.com/magazine/runes-supporters-unlock-bitcoins-potential/">68% of Runes are in the red — Are they really an upgrade for Bitcoin?</a>

New record: Bitcoin processes 1.6M confirmed payments in a day

Cointelegraph

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