Bitcoin: Bandwidth explodes to 91.4% after Halving!

The crypto world is experiencing a major upheaval with Bitcoin leading the way. The Bitcoin blockchain displays record bandwidth usage, exceeding 90%! This rebirth of the crypto giant comes after the April halving event, the catalyst for a new era for the pioneering cryptocurrency.

The regained dominance of Bitcoin over other cryptos

Bitcoin clearly has the advantage over its competitors in the crypto world. Data from Dune Analytics reveals overwhelming dominance of BTC in blockchain transactions. Indeed, BTC represents 91.4% of transactions, far ahead of other crypto assets such as Runes (6.8%), BRC-20 (1.6%) and Ordinals (0.2%).

Bitfinex analysts highlight the importance of new token standards in this crypto dynamic. According to them, these innovations encourage more players to rely on BTC rather than other chains. Therefore, 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 experiencing a revolution thanks to the massive adoption of new token standards: Runes and BRC-20. These are transforming the Bitcoin ecosystem, which attracts many crypto investors and developers.

Runes, designed to create fungible tokens on Bitcoin, are quickly gaining popularity in the crypto world. They generate a volume of impressive transactionssometimes reaching 750,000 in a single day (April 23, 2024).

The impact of Halving on blockchain activity

The recent halving of April 2024 had major repercussions on the Bitcoin ecosystem. With this halving of BTC supply and rewards, investors and miners have had to rethink their strategy. Which led to an increase in the number of transactions on the network.

Bitcoin asserts its dominance in the crypto market with renewed vigor. The adoption of new token standards and the impact of halving have propelled its blockchain activity to record levels! Despite the ongoing challenges, the future of BTC looks bright.