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Home»TRADING NEWS»Bitcoin Blockchain Activity Surges After Halving
TRADING NEWS

Bitcoin Blockchain Activity Surges After Halving

By Crypto FlexsSeptember 15, 20242 Mins Read
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Bitcoin Blockchain Activity Surges After Halving
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Bitcoin Dominance and Network Activity

Since the Bitcoin halving in April, the blockchain’s bandwidth usage has skyrocketed, reclaiming its dominance with utilization rates exceeding 90%. This shows a significant increase in network activity due to a combination of factors, including new token standards and increased transaction volume.

Although there was initial concern due to fear, uncertainty, and doubt (FUD) surrounding the news about Bitcoin, Bitcoin adoption and trading activity has continued steadily.

According to Dune Analytics data, Bitcoin’s trading dominance reached 91.4% as of June 20. This dominance surpasses other tokens such as Runes at 6.8%, BRC-20 at 1.6%, and Ordinals at 0.2%. This change highlights Bitcoin’s resilience and appeal in the evolving token ecosystem.

The impact of new token standards

The increase in bandwidth usage after the halving can be largely attributed to the adoption of new token standards such as Runes and BRC-20. Designed to facilitate fungible tokens on the Bitcoin blockchain, Runes have gained significant popularity. For example, on April 23 alone, there were over 750,000 transactions involving Runes, demonstrating their growing popularity and utility within the ecosystem.

Commenting on the impact of these new standards, Bitfinex analysts noted that “new token standards like BRC-20 and Ordinals have contributed more to the incentive to build on BTC than on other chains as the Bitcoin ecosystem continues to expand its mindshare.”

Dynamics after half-life

The April halving event, which reduced miners’ block rewards by 50%, triggered a correction within the Bitcoin network. Miners seeking to compensate for the reduced rewards prioritized higher-fee transactions. This strategic shift led to an increase in on-chain activity as traders and investors adjusted their positions in the face of changing economic incentives.

Reflecting on the impact of the halving, Bitfinex analysts elaborated, “After a halving event, there is typically a higher level of on-chain activity. Traders and investors adjust their positions, which results in more transactions being broadcasted to the network.” This increase in transactions not only boosted Bitcoin’s blockchain bandwidth usage, but also contributed to its overall robustness and market relevance.

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