The Runes token standard, which was recently launched on Bitcoin, propelled the largest cryptocurrency to reach a new all-time high in daily transactions, according to data released by analytics platform, IntoTheBlock, on April 26.
With Runes, the number of Bitcoin transactions recorded rapid growth, reaching 927.000 on April 23. The previous record had been set in December last year, when 724 daily transactions were processed, according to the survey.
“Bitcoin has reached a new all-time high in daily transactions! After the launch of Runes, the number of Bitcoin transactions increased rapidly, reaching 927.000 on Tuesday. This breaks the previous maximum of 724 thousand set in December 2023”, he wrote.
Bitcoin hit a new all-time high in daily transactions!
Following the launch of Runes, the number of Bitcoin transactions has increased rapidly, reaching 927,000 on Tuesday. This breaks the previous high of 724k set in December of 2023 pic.twitter.com/30JXbrLmdR
— IntoTheBlock (@intotheblock) April 26, 2024
Furthermore, according to the analytics platform, Bitcoin transaction fees showed a significant increase during this week, mainly driven by the launch of Runes.
“Bitcoin transaction fees increased significantly this week, driven primarily by the introduction of Runes. Only on April 20th did daily rates reach a new peak, exceeding US$80 million,” noted IntoTheBlock in another review.
The Runes token standard uses Bitcoin's UTXO model and the OP_RETURN opcode to provide a tokenization solution that is more efficient for the network than the BRC20 standard, allowing users to create tokens on top of Bitcoin.
At the time of publication, the Bitcoin price it was quoted at US$64.406,92, down 1.0% in the last 24 hours. During this period, the cryptocurrency recorded a trading volume of US$29.913.852.694. In the last seven days, Bitcoin has seen a devaluation in its price of 0.8%.
