Bitcoin’s daily transactions reach new record high

Avatar

Bitcoin transactions reached a new all-time high of 926,842 transactions, just three days after the Bitcoin halving.

Bitcoin (BTC) amassed over 926,000 daily transactions on April 23, surpassing the previous high of over 731,000 transactions reached in December 2023, according to Glassnode data.

Bitcoin: Number of transactions, all-time chart. Source: Glassnode

The record daily transaction count occurred three days after the Bitcoin halving on April 20, which coincided with the launch of Bitcoin Runes, a new protocol for issuing fungible tokens on the Bitcoin network.

Runes make up the lion’s share of transactions on Bitcoin, accounting for 68% of all Bitcoin transactions. Investors have executed a total of 3.6 million Runes-related transactions, according to Dune.

Runes, share of transactions. Source: Dune

While Runes may not remain the dominant token standard of the Bitcoin network, they are a testament to the value of block space on Bitcoin, according to Nazar Khan, the co-founder and CEO of TeraWulf.

Khan told Cointelegraph in an interview:

“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”

Related: Runes are offering a significant lifeline for Bitcoin miners — TeraWulf CEO

Despite the record transaction count, the Bitcoin price remains subdued, just above the $64,000 mark. The world’s first cryptocurrency fell over 9% on the monthly chart, according to CoinMarketCap data.

BTC/USDT/ 1-day chart. Source: CoinMarketCap

Related: Crypto mixing is ‘not a crime,’ says CryptoQuant CEO

“Real opportunity” for Bitcoin Runes may only come in a few months

While Runes generated significant interest in the Bitcoin community, the real market opportunity may only come months after the first wave of investor hype subsides, according to the pseudonymous decentralized finance (DeFi) researcher Ignas, who wrote in an April 17 X post:

“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”

Due to their initial lack of utility, Runes could trade akin to volatile memecoins directly after launch, warned Ignas.

Additional reporting by Helen Partz.

Related: BRC-20 tokens bleed ahead of Bitcoin halving as trader focus shifts to Runes