Transaction fee data from blockchain analytics platforms

Bitcoin Runes Dominates Network Transactions, Surpassing BTC and Ordinals

May 7, 2024, 10:00 PM

Bitcoin Runes, a new protocol on the Bitcoin network, has rapidly gained traction by surpassing BTC, Ordinals, and BRC-20 in daily transactions. As of April 23, Bitcoin Runes accounted for 81.3% of all network transactions, significantly reducing the transaction share of BTC. This shift in transaction dominance comes shortly after the protocol's launch on April 20. The hype surrounding Bitcoin Runes aligns with its strategic timing, launched around the Bitcoin halving event, which historically influences market activity.