Bitcoin drops but network thrives: 1.6M transactions in one day

The BTC prize continues to fall, but the number of Bitcoin transactions is rising. The Bitcoin network highlights its strength with a new record.

Since the halving of Bitcoin, the price of the cryptocurrency has fallen significantly. BTC is currently trading at €53.868, down 10 percent from a week ago.

Meanwhile, the Bitcoin network recently recorded the highest number of confirmed transactions ever in a single day. Thus, adoption shows a clear upward trend, although short-term price volatility cannot be ignored.

Just three days after the start of the new Halving cycle on April 20, the Bitcoin network processed more than 1.6 million individual transactions between senders and receivers, according to data from blockchain.com.

One major reason: the launch of the new Bitcoin Runes, which are considered an alternative to Ordinals and the BRC-20 protocol on the Bitcoin blockchain. According to Dune Analytics, Bitcoin Runes accounted for a whopping 81.3% of all transactions on the network on April 23. This must have pleased the miners, who have earned more than 1,200 additional BTC since the halving, thanks to them.

However, BTC has now regained the majority of transactions over the network. On April 30, BTC transfers again accounted for 73.54 percent of all transactions on the network, while runes were responsible for 22.8 percent. While miners benefit from runes, normal users lag behind. At times, the cost for an average transaction exploded to $128.

Now, however, transaction fees in the Bitcoin network have dropped dramatically again. An average-priority transaction now costs about $2.