The crypto world is experiencing a major upheaval with Bitcoin leading the charge. The Bitcoin blockchain is showing record usage of its bandwidth
Bitcoin (BTC) is leading a crypto resurgence with record blockchain usage, now exceeding 90%. This follows the April halving event, setting the stage for a new era for the pioneer cryptocurrency.
Bitcoin's regained dominance over other cryptos
Dune Analytics data reveals Bitcoin's overwhelming dominance in blockchain transactions. BTC transactions account for a massive 91.4%, dwarfing other crypto assets such as Runes (6.8%), BRC-20 (1.6%), and Ordinals (0.2%).
This dynamic is influenced by the introduction of new token standards on the Bitcoin blockchain, Bitfineux analysts noted. These innovations are encouraging more participants to utilize BTC over other chains, ultimately boosting the Bitcoin ecosystem's appeal and market share in the crypto world.
The rise of new token standards on the Bitcoin blockchain
New token standards, Runes and BRC-20, are transforming BTC and the crypto landscape. They are enabling the creation of fungible and non-fungible tokens on the Bitcoin blockchain, respectively.
Runes, designed to create fungible tokens on Bitcoin, are rapidly becoming a crypto buzzword. They are generating an impressive transaction volume, sometimes reaching 750,000 in a single day (April 23, 2024).
The impact of the halving on blockchain activity
The recent halving of April 2024 had a significant impact on the Bitcoin ecosystem. As the BTC supply and rewards were cut in half, investors and miners had to adjust their strategies, leading to an increase in transactions on the network.
Bitcoin is asserting its dominance on the crypto market with renewed vigor. The adoption of new token standards and the impact of the halving are propelling its blockchain activity to record levels. Despite persistent challenges, the future of BTC looks promising.
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News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-lead-competitors-crypto.html
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