United

Rune

Bitcoin

Impact

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>On April 23, the Bitcoin network recorded its highest number of confirmed payments.</li>
 <li>Bitcoin Runes, an alternative to Bitcoin Ordinals and the BRC-20 protocol, represented 81.3% of all Bitcoin transactions on that day.</li>
</ul>
<p>The Bitcoin network saw a surge in use for everyday transactions, reaching a record high of confirmed payments on April 23.</p>
<p>This surge occurred three days into the new halving cycle that began on April 20, with over 1.6 million unique transactions processed between senders and receivers.</p>
<h2 id="the-impact-of-bitcoin-runes">The Impact of Bitcoin Runes</h2>
<p>Analysis of data from Blockchain.com and Glassnode reveals a direct link between the introduction of Bitcoin Runes, an alternative to Bitcoin Ordinals and the BRC-20 protocol on the Bitcoin blockchain, and the surge in daily Bitcoin transactions.</p>
<p>According to data from Dune Analytics, on April 23, Runes accounted for 81.3% of all Bitcoin transactions.</p>
<p>However, by April 29, Bitcoin (BTC) had regained the majority of transactions over the network, accounting for 77.8% of all Bitcoin transactions.</p>
<p>Runes contributed to 18.8%, while the remaining transactions were made up of ordinals (1.2%) and BRC-20 (2.3%) transactions.</p>
<h2 id="the-mining-industry-and-runes">The Mining Industry and Runes</h2>
<p>The rise in Bitcoin Runes transactions has benefited the mining industry.</p>
<p>Stronghold Digital Mining and Marathon, two of the largest mining firms in the United States, noted the positive impact of Runes from both a financial and functional standpoint.</p>
<p>Since the Bitcoin halving took effect, Rune transactions have added over 1,200 BTC worth of transaction fees to miners.</p>
<p>Despite the waning hype around Runes, Ignas, a pseudonymous decentralized finance (DeFi) researcher, sees a potential market opportunity.</p>
<p>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.</p>

Historic Milestone: Bitcoin Handles Record 1.6M Confirmed Transactions in a Single Day

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