The Runes revival: Bitcoin traffic hits a two-year high as transactions blast past 820,000
Key takeaways
- Bitcoin's onchain activity is surging despite the asset remaining deep in a bear market.
- The number of Bitcoin transactions recently climbed above 820,000 per day, according to Glassnode data.
- Similar to how ERC-20 tokens operate on Ethereum, Runes allow users to create and transfer fungible assets directly on Bitcoin.
Transactions carrying Rune protocol messages (Runestones) exceeded 600,000, while Rune transactions generated roughly 25% of all Bitcoin transaction fee.Similar to how ERC-20 tokens operate on Ethereum, Runes allow users to create and transfer fungible assets directly on Bitcoin. Bitcoin's onchain activity is surging despite the asset remaining deep in a bear market.
The number of Bitcoin transactions recently climbed above 820,000 per day, according to Glassnode data. The increase comes as bitcoin trades around $62,000, roughly 50% below its October all time high, a period when network activity would typically be expected to weaken.
The transaction count is the highest since April 23 2024, the immediate aftermath of the last halving event and debut of the Runes protocol, a Bitcoin fungible token standard, which brought with it a considerable spike in transaction fees.