Over 1.6 million Bitcoin purchased were registered as crypto adoption increases
Bitcoin’s (BTC) journey as a decentralized digital currency has been revolutionary, and its latest achievement is a testament to its growing acceptance and utility in the global economy. On April 23, the Bitcoin network set a new record by processing 1.6 million confirmed payments within a single day.
This milestone occurred just three days after the network entered a new halving cycle, a significant event that reduces the reward for mining new blocks. That also decreased the rate at which new BTC are generated.
The surge in transactions can be attributed to the launch of Bitcoin Runes, an innovative addition to the Bitcoin ecosystem that offers an alternative to Bitcoin Ordinals and the BRC-20 protocol. Runes is a new fungible token standard that accounted for 81.3% of all BTC transactions on that record-breaking day. This spike in activity provided a substantial boost to the mining industry, with major firms reporting over 1,200 BTC worth of transaction fees added to their revenues since the halving took effect.
The success of Bitcoin Runes and the subsequent increase in transactions demonstrate a growing trend towards Bitcoin DeFi (BTCFi). In addition, this record-setting day is not just about numbers; it’s a narrative of growth, innovation, and the relentless pursuit of progress within the cryptocurrency space.
Despite the success, BTC eventually caught up and took over the top spot in terms of transactions. It represented almost 78% of all BTC transactions on April 29, with Runes just accounting for 18.8%.
