High fees, Runes excitement lead to drop in Bitcoin active addresses

It was mentioned a few weeks ago that for the first time since March 2020, the 7-day moving average of active addresses on the Bitcoin network fell below 700,000 as fees surged after the halving due to excitement about Runes.

When fees become unsustainably high, like they did with Runes, users who are unwilling to pay them sit back. Eventually, the hype dies down, and fees stabilize again, allowing the users to come back and transact at more leveled prices. The moving average of active addresses has fallen lower than before, at only 655,190 on May 12. In contrast, the moving average of transaction fees has also declined to $3.86, in line with where fees were pre-halving.

Runes-related transactions still make up a sizable portion of Bitcoin activity, typically accounting for more than half of daily transactions since they launched. The frenetic energy and the need to be the first to get in have died out, however, allowing for fees to calm down since there’s less of a desire to pay a heavy premium to get a transaction prioritized.

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin Runes Protocol Sees Traction Waning After Much-Hyped IntroductionShaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Source: CoinDesk - 🏆 291. / 63 Read more »

New daily Runes etched on Bitcoin falls 99% from post-halving peakThe number of Runes etched onto Bitcoin has fallen more than 99% from its record set on April 26.
Source: Cointelegraph - 🏆 562. / 51 Read more »

OKX surpasses 50% of Bitcoin Runes market shareThree platforms currently hold over 99% of Bitcoin Runes' trading volume.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Bitcoin’s Ordinals, Runes key to solving the mining subsidy problem: ViaBTCBitcoin-based protocols like Ordinals, Runes and BRC-20s will continue to boost transaction fees for miners faced with the “indisputable” impact of halving events every four or so years.
Source: Cointelegraph - 🏆 562. / 51 Read more »

Runes Protocol launches at block 840,000, catapults Bitcoin network transactions past one billion thresholdRunes Protocol, a new fungible token standard launched by the creator of Bitcoin Ordinals protocol, debuted on April 20, the same day as the fourth Bitcoin halving.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Runes and BRC-20s are just a stepping stone for Bitcoin DeFiBitcoin is becoming a yield-generating asset, thanks to new token standards like Runes, which may only be a stepping stone for Bitcoin DeFi.
Source: Cointelegraph - 🏆 562. / 51 Read more »