There has been a significant increase in activity on the Bitcoin chain in the recent past. Glassnode data shows that the number of Internet-day transactions has risen by 820,000, up by almost two years. This round of growth comes more from the use of the chain than from mere market sentiment, as compared with the fact that prices are still operating in low-level zones.
Runes trades again.
The main driving force of this round of growth is the Runes Accord. The agreement allows users to create and transfer homogenous assets directly on the Bitcoin network, functionally similar to the ERC-20 standard in the Taifung.
According to the data, the number of transactions carrying the Runes protocol, known as Runestones, has exceeded 600,000 a day, and is also two years high. This means that most of the recent additional traffic in the Bitcoin network comes from such agreement activities.
Fees increased to about a quarter.
In addition to the increase in the number of transactions, it is also clear that Runes is pulling back on the miners' fees. Reports indicate that such transactions currently contribute about 25 per cent of the bitcoin network fees.
This means that Runes is not only bringing about an apparent increase in the volume of transactions, but is also pushing the demand directly up the chain. In the case of the Bitcoin network, the increase in fees revenue usually means increased space competition in the block and more intensive activities in the chain.
He's back up in April 2024.
This is the first time since April 23, 2024 that bitcoin transactions have returned to this level. It was at the short-term peak of the last half-way round, and at the beginning of the Runes agreement, Internet charges had risen rapidly.
At present, the price of bitcoin is about $62,000, still about 50 per cent below the historical high of last October. Often at this price stage, chain activity tends to slow, but this data performance is not synchronized.
Markets have been divided about the long-term value of a coin agreement on the Bitcoin chain. However, according to the latest data, the Bitcoin network continues to attract real use even during the price-barrel phase, and, at least in the short term, Runes has re-established itself as an important source of growth in traffic and handling fees in the chain.