Bitcoin: Bandwidth Explodes By 91.4% After The Halving!
The Bitcoin blockchain is showing record usage of its bandwidth, exceeding 90%.
Sat 22 Jun 2024
The crypto world is experiencing a major upheaval with Bitcoin leading the charge. The Bitcoin blockchain is showing record usage of its bandwidth, exceeding 90%. This resurgence of the crypto giant comes after the April halving event, a catalyst for a new era for the pioneer cryptocurrency.
Bitcoin’s Regained Dominance Over Other Cryptos
Bitcoin is clearly taking the lead over its competitors in the crypto world. Data from Dune Analytics reveals an overwhelming dominance of BTC in blockchain transactions. Indeed, BTC represents 91.4% of transactions, far ahead of other crypto assets like Runes (6.8%), BRC-20 (1.6%), and Ordinals (0.2%).
Bitfinex analysts emphasize the importance of new token standards in this crypto dynamic. According to them, these innovations are encouraging more participants to rely on BTC rather than other chains. Consequently, the Bitcoin ecosystem is gaining attractiveness and market share in the crypto world.
The Rise of New Token Standards on the Bitcoin Blockchain
BTC is undergoing a revolution thanks to the massive adoption of new token standards: Runes and BRC-20. These are transforming the Bitcoin ecosystem, attracting numerous crypto investors and developers.
Runes, designed to create fungible tokens on Bitcoin, are rapidly gaining popularity in the crypto world. 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 major ramifications on the Bitcoin ecosystem. With this halving of BTC supply and rewards, investors and miners had to reevaluate their strategies. This led 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 have propelled its blockchain activity to record levels. Despite persistent challenges, the future of BTC looks promising.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
