Bitcoin Smashes Daily Transaction Record: Surpasses 926,000 Transactions After Halving

Bitcoin has reached a new milestone with its daily transactions surging to an all-time high of 926,842, just three days following the Bitcoin halving event. This surge in transactions occurred on April 23, surpassing the previous record of over 731,000 transactions in December 2023, according to data from Glassnode. The rise in transactions coincides with the introduction of Bitcoin Runes, a protocol for issuing fungible tokens on the Bitcoin network. Runes transactions now constitute 68% of all Bitcoin transactions, with a total of 3.6 million Runes-related transactions executed, as reported by Dune. Nazar Khan, CEO of TeraWulf, emphasised that Runes highlight the value of block space on the Bitcoin network, attributing it to the network's decentralisation, security, and robustness. Despite the surge in transactions, Bitcoin's price has remained relatively subdued, hovering just above $64,000, with a monthly decrease of over 9%, according to CoinMarketCap data. Despite the initial hype surrounding Runes, decentralised finance (DeFi) researcher Ignas suggests that the true market opportunity may only emerge several months after the initial excitement subsides, cautioning about potential volatility akin to memecoins shortly after launch.