The bitcoin network processed 926,000 transactions in 1 day, according to on-chain data. This is a new record! This increase is driven by a growing interest in Runes.
Record of transactions
According to data from Glassnode, Bitcoin processed more than 926,000 daily transactions as of April 23. The old record stood at more than 731,000 transactions and dated from December 2023.
The current new record follows only three days after the halving, the moment when the new Bitcoin Runes protocol was launched from block 840,000. This is an alternative to BRC-20 tokens: you can use so-called fungible creating tokens on top of bitcoin.
Runes account for the majority of bitcoin transactions, 68% to be precise. This amounts to a total of 3.6 million Runes-related transactions since the halving.
While Runes may not remain the dominant token standard within bitcoin, according to Nazar Khan, co-founder and CEO of TeraWulf, it indicates that block space in bitcoin is scarce and therefore valuable.
“Runes and Ordinals demonstrate the value of block space… The bitcoin network is the most decentralized, secure and robust network in existence, so there will be use cases and value derived from that block space.”
Despite the record number of transactions, the price of bitcoin remains quite stable, just above the $64,000 mark.
Source: https://bitcoinmagazine.nl/nieuws/recordaantal-bitcoin-transacties-op-een-dag-926-000
