Altcoins on Bitcoin Represent a Historic Transformation: IntoTheBlock

2024-4-22 01:30

Bitcoin’s blockchain is undergoing a historic transformation, spearheaded by the introduction of the Runes token standard.

This new development enhances the functionality of Bitcoin by enabling the creation of fungible tokens. It also significantly boosts transaction fees and miner revenue, reshaping the economic landscape of the network.

Altcoins on Bitcoin Mark a New Milestone

Lucas Outumuro, Head of Research at IntoTheBlock, recently highlighted the seismic impact of Runes, describing it as “absolutely insane.” He pointed to the surge in daily fees which reached a record $80 million. This is about four times higher than the previous all-time high set in December 2017.

Furthermore, the average Bitcoin transaction fee has skyrocketed to $128, a figure that starkly overshadows the $30 peak during the initial frenzy over Ordinals.

This surge in fees has been a boon for miners, who despite a 50% drop in inflationary rewards due to the halving, saw their earnings spike by 1,200% following the Runes launch. The sudden spike lead to a record $100 million in Bitcoin mining revenue.

Bitcoin Transaction Fees. Source: IntoTheBlock

Still, the introduction of Runes coincided with a significant downturn in new Bitcoin addresses, which have hit a two-year low. According to Outumuro, this indicates that the current surge is driven predominantly by seasoned crypto enthusiasts, with retail investors yet to join the fray.

The traditional finance sector, particularly Wall Street, was caught off guard by these developments. Stocks like Marathon Digital Holdings (MARA) and Riot Platforms (RIOT) saw over a 20% decline in the month leading up to the halving, underestimating the potential of Runes and the adaptability of the crypto market.

Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks Ahead of 2024 Halving

MARA, RIOT Stock Performance. Source: TradingView

This historic network transformation suggests a solution to Bitcoin’s long-standing security challenges, propelled by what many in the industry refer to as “shitcoins.” As this trend continues, the real test will be its sustainability and whether the early momentum can be maintained.

The post Altcoins on Bitcoin Represent a Historic Transformation: IntoTheBlock appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 62190.87 (+0.32%)
Объем 24H $25.983b
Изменеия 24h: -0.24 %, 7d: 5.31 %
Cегодня L: $60790.32 - H: $62576.48
Капитализация $1224.49b Rank 1
Цена в час новости $ 64712.24 (-3.9%)

transformation bitcoin historic shift significant network highlighting

Источник: beincrypto.com

transformation bitcoin → Результатов: 61


Фото:

Ukraine Chooses Stellar Foundation to Develop Its CBDC, Regulatory Infrastructure for Stablecoins

The Ministry of Digital Transformation of Ukraine has picked the Stellar Development Foundation (SDF) to develop its central bank digital currency project (CBDC). Ukraine Picks Stellar Foundation to Develop Its Central Bank Digital Currency and National Virtual Asset Strategy According to the official announcement, both parties signed a “Memorandum of Understanding” to deploy Ukraine’s crypto […] The post Ukraine Chooses Stellar Foundation to Develop Its CBDC, Regulatory Infrastructure for Stablecoins appeared first on Bitcoin News.

2021-1-6 11:45


Brock Pierce Interview Series #2: In the Era of Information Explosion, IPSE will Greatly Promote the Transformation of Data Industry

Coinspeaker Brock Pierce Interview Series #2: In the Era of Information Explosion, IPSE will Greatly Promote the Transformation of Data IndustryIn the last interview, Brock Pierce, Chairman of the Bitcoin Foundation and IPSE Strategic Advisor, fully expressed his high recognition of the investment value of IPSE and its token POST.

2020-3-23 10:58


Фото:

World’s Largest Private Telecom Company Set to Launch Data Management Blockchain, Partners with Microsoft

Reliance Jio, which recently became the largest private telecom company in India and the world, has announced the launch of a proprietary blockchain solution built to improve customer data privacy. In the report by ET Telecom, August 12, 2019, Reliance executive chairman Mukesh Ambani, spoke of the imminent transformation of Jio into a technology companyRead MoreRead More.

2019-8-13 21:00


BlockApps and Tech Mahindra partner to accelerate adoption of blockchain business networks

CryptoNinjas - Bitcoin, Cryptocurrency & Blockchain Asset SourceBlockApps, an enterprise blockchain platform provider, today announced a partnership with Tech Mahindra Ltd. , a provider of digital transformation, consulting and business reengineering services and solutions, to accelerate the adoption of blockchain business networks.

2019-8-8 19:32


Bitcoin Can Sat-isfy The World: Monetary Transformation On A Global Scale

What would it take for economies to be transformed? From measuring the worth of assets in fiat currencies — pounds, euros, dollars, and so forth — to a digital currency system that values every good, service, and commodity in Bitcoin? The task of overseeing and implementing such a monumental shift would be overwhelming… yet it’s […] The post Bitcoin Can Sat-isfy The World: Monetary Transformation On A Global Scale appeared first on Crypto Briefing.

2019-5-16 22:57


Bitcoin Market Dominance Now Highest Since All-Time High $20K Price

Bitcoin price bull run continued through $6000 May 10 as market dominance hit its highest level since its December 2017 all-time high. Bitcoin Bull Run Gathers Speed Data from cryptocurrency exchange Bitstamp’s traditionally more conservative Bitcoin price tracker and CoinMarketCap confirmed an ongoing transformation for the largest cryptocurrency by market cap.

2019-5-10 15:00


Фото:

Full Blocks ‘Only Way’ For Bitcoin to Stay Trustless, Say Seoul Meetup Founder

Bitcoin blocks will ultimately fill up and fees will increase accordingly, another community figure has warned as a spike in volume continues. Somsen: Make ‘Smarter Use’ Of Block Space In a series of tweets April 10, Ruben Somsen, podcast host and long-time convenor of the Seoul Bitcoin Meetup, argued that despite fees increasing, they are part of Bitcoin’s overall transformation into a global payment system.

2019-4-11 23:00


Bitcoin [BTC] will never see adoption if principles of privacy and fungibility are broken, says Andreas Antonopoulos

The establishment of Bitcoin [BTC] as a currency of the future and its transformation into a mode of payment and a store of value has been the primary goal of the cryptocurrency community. A decade since the coin first emerged, its prospects have looked bleak, claimed Andreas Antonopoulos, the author of Mastering Bitcoin.

2019-4-10 10:30


Фото:

From Fraud to Fintech: QuadrigaCX Twists Continue as it Emerges Co-Founder Is Convicted Fraudster

Michael Patryn, the co-founder of the controversial QuadrigaCX, has already been convicted and spent 18 months in a U. S. Federal prison for identity theft linked to credit card and bank fraud. He “underwent a remarkable transformation,” and changed his identity before entering the world of cryptocurrency.

2019-3-21 16:00


Фото:

JPMorgan Includes Blockchain in Its Digital Transformation Plan: New Report

A new report by Research and Markets titled “Digital Transformation and Fintech Strategies of JPMorgan Chase” is shining light on the Wall Street giant’s plans for the future. The report suggests that the bank is depending on a digital transformation strategy that will include blockchain, artificial intelligence, and robotics, among other up-and-coming technologies.

2018-10-3 16:49


дальше еще 12 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Exits Danger Zone, Enters Accumulation Phase

Bitcoin exits the "Danger Zone" and enters the accumulation phase, bolstered by a weak US dollar and positive macroeconomic trends. The post Bitcoin Exits Danger Zone, Enters Accumulation Phase appeared first on BeInCrypto.

Investors Overestimate the Benefits of Bitcoin Volatility: Fidelity

Fidelity's study reveals that the perceived volatility of Bitcoin is exaggerated compared to actual metrics, comparing its stability to high-profile stocks like Netflix. The post Investors Overestimate the Benefits of Bitcoin Volatility: Fidelity appeared first on BeInCrypto.

China Access to Bitcoin ETF Pushes Price Prediction to $150,000

The launch of Bitcoin ETFs in Hong Kong and potential access for Chinese investors might push Bitcoin's price prediction to $150,000, fueled by optimism and strategic financial moves. The post China Access to Bitcoin ETF Pushes Price Prediction to $150,000 appeared first on BeInCrypto.