Transaction fees drop nearly 10x after Bitcoin halving

Following last week’s Bitcoin (BTC) halving event, Bitcoin network transaction costs dropped nearly 10x after initially rising.

Days after Bitcoin’s halving, on-chain analytics provider Mempool.space reported that the Bitcoin gas fee for low-priority transactions on crypto’s largest decentralized network was approximately $9.51 and $10.07 for medium-priority operations. Dollar.

At press time, fees for high-priority transactions were as high as $10.44. These numbers are significantly lower compared to post-halving fees. At the time, participants had to pay more than $146 for a medium-priority transaction and more than $170 for a high-priority send.

According to data from CoinMarketCap, the much-anticipated change to Bitcoin’s code designed by Satoshi Nakamoto to increase its scarcity and curb token inflation has not resulted in major price changes for BTC. Over the past seven days, the price of BTC has increased by approximately 2.4% and is trading around $66,000.

BTC transaction fee data | Source: Mempool.space

Bitcoin Runes underwhelming after halving

A major concern ahead of the Bitcoin halving was the reduction in miners’ income due to block rewards being slashed by 50%. Casey Rodarmor’s Runes protocol has been hailed as the solution and is scheduled to launch simultaneously with the halving to spur growth in on-chain activity.

Rodarmor’s Runes allows users to create UTXO-based fungible assets on BTC’s blockchain and is expected to provide another way to launch decentralized finance (DeFi) on the world’s largest blockchain.

Bitcoin Runes is said to improve upon the BRC-2O token standard designed by pseudonymous developer Domo. This concept of Domo originated from the ordinal protocol released by Rodarmor.

A few days after the halving, the value of the Runestone NFT series dropped to almost 50% of its floor price. According to MagicEden data, the average cost of so-called Runestones dropped from 0.073 BTC to 0.035 BTC, indicating less interest in the concept after the initial rush.

Bitcoin Runes Floor Price | Source: MagicEden

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