Bitcoin has seen a spike in trading activity since the recent halving event. But it’s not just the halving that’s driving this surge.
The Runes Token Standard
The launch of the Runes token standard on the Bitcoin blockchain has been a major catalyst for the increase in transactions. Runes allows users to create tokens more efficiently, opening up new possibilities for Bitcoin.
Surge in Runes Transactions
After the launch, Runes transactions skyrocketed, accounting for over 68% of all Bitcoin transactions. This surge pushed the total number of daily transactions over 927,000, breaking the previous record set in December 2023.
Decline in Runes Hype
However, the hype surrounding Runes seems to have faded, with the number of Runes transactions now constituting only 26% of the total.
Bitcoin Price Prediction
Bitcoin is currently trading at $63,711, with resistance around $64,500. Analysts are divided on the future price trajectory, with some expecting a bullish effect from the halving and others predicting a potential peak in the current market cycle.
