Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin Runes recorded 15.6 million transactions within four months of launch.</li> 
 <li>Bitcoin protocol has reclaimed 90% of its blockchain dominance.</li> 
</ul>  
<p>Bitcoin Runes, a newcomer to the NFT market, has made a significant impact by recording 15.6 million transactions within its first four months. </p> 
<p>This considerable activity has shifted the traditionally Ethereum-dominated NFT landscape, showcasing Bitcoin’s potential beyond being a mere store of value. </p> 
<h2 id="bitcoin-runes-and-network-congestion">Bitcoin Runes and Network Congestion</h2> 
<p>During the initial two months, Bitcoin Runes experienced high activity levels, often surpassing 300,000 transactions daily, according to data from Dune Analytics. </p> 
<p>This surge led to Runes commanding a large portion of Bitcoin’s network resources, outdoing the ordinals and BRC-20 protocol. </p> 
<p>At its zenith, Bitcoin Runes consumed 81.3% of Bitcoin’s network bandwidth, hinting at significant network capacity usage. </p> 
<p>This high bandwidth consumption could have affected Bitcoin’s transaction throughput and the overall user experience on the network. </p> 
<p>Consequently, Bitcoin blockchain’s mean transaction fee saw a significant increase in April, possibly leading to network congestion and higher fees for Bitcoin users. </p> 
<h2 id="bitcoin-reclaims-dominance">Bitcoin Reclaims Dominance</h2> 
<p>Over time, Bitcoin Runes experienced a decrease in transaction volume due to various factors such as increased competition from other protocols or Bitcoin reclaiming network dominance. </p> 
<p>Bitcoin Runes was launched as a more efficient alternative to Bitcoin Ordinals and a competitor to BRC-20, quickly gaining investor favor. </p> 
<p>Despite surpassing BRC-20 in daily transaction volume consistently over the past four months, daily Runes transactions have declined in the last two months, averaging around 50,000 transactions per day. </p> 
<p>This decrease occurred as <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> once again dominated network usage, accounting for approximately 90% of the total activity. </p> 
<p>The shift back to Bitcoin dominance underscores the network’s ability to reclaim its position as the leading platform for transaction activity, overshadowing other applications that had previously gained traction. </p> 
<p>While this dominance underscores Bitcoin’s strong position in transaction volume, its price performance will ultimately depend on favorable market conditions and investor sentiment. </p>

Record-Breaking 15.6M Bitcoin Runes Transactions in Only Four Months

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CoinEagle.com

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