9:00 AM ▪
3
min reading ▪ acc
Rune transactions on the Bitcoin network recently hit a new all-time low, accounting for only 1.67% of daily transactions. This number represents a significant drop from the period between April and November, when run transactions often accounted for more than 50% of daily transactions on the Bitcoin network.
Runes fall on the Bitcoin network
Daily run transaction fees on the Bitcoin network remained below $250,000, indicating minimal activity on the network compared to previous periods. This decline in activity reflects a broader shift in market dynamics and investor priorities.
This dramatic drop can be explained by several factors. First, the volatility of Bitcoin’s price has distracted investors from experimental Bitcoin-based protocols such as runes and ordinals, which are often seen as high-risk applications. In addition, other sectors such as Ethereum-based NFTs, memecoins, and artificial intelligence-related projects have captured the market, contributing to the declining interest in Bitcoin-based token protocols.
Can Santa’s Rally take on Runes?
It is important to note that when BTC prices stabilize, attention often returns to ecosystem projects such as Runes and Ordinals. So while the Runes ecosystem seems to be in decline at the moment, it could see a revival if market conditions become more favorable.
Additionally, the Santa rally, with BTC approaching $100,000, could potentially revive Runes transactions. Greater optimism and increased trading volumes during this holiday season could attract renewed interest in Bitcoin-based protocols, including runes.
In short, the decline in run transactions on the Bitcoin network highlights the volatility and changing nature of the cryptocurrency market. Investors and developers must remain vigilant and adapt to these fluctuations in order to take advantage of future opportunities. Monitoring the progress of projects like Runes will be key to understanding upcoming trends in the Bitcoin ecosystem and beyond.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.