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Home»ETHEREUM NEWS»Bitcoin gains slightly as the network processes its billionth transaction.
ETHEREUM NEWS

Bitcoin gains slightly as the network processes its billionth transaction.

By Crypto FlexsMay 6, 20243 Mins Read
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Bitcoin gains slightly as the network processes its billionth transaction.
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Bitcoin began trading above $65,000 on Monday for the first time in over a week. It has since rebounded slightly, but is still 0.5% higher than this time yesterday.

And what was good for Bitcoin was good for the rest of the cryptocurrency market. As of early Monday morning, global cryptocurrency market capitalization was sitting at $2.5 trillion after rising 1.3% over the past day, according to CoinGecko data.

As of this writing, Bitcoin price has reverted to: At $64,264.08, it’s still 3% higher than this time last week. Over the past day, $13 billion worth of BTC has been traded. About 22% of that volume was traded on Binance, the world’s largest cryptocurrency exchange by trading volume.

According to CoinGecko data, the most popular trading pair for BTC investors on Binance is the First Digital USD (FDUSD) stablecoin. FDUSD, launched in 2023 by Hong Kong-based First Digital Labs, recorded a trading volume of $3 billion in the past day.

The world’s oldest and largest cryptocurrency by market capitalization also celebrated a birthday of sorts. The Bitcoin network has now processed over 1 billion transactions.

This time last year, when the BRC-20 standard and ordinal numbers were popular, Bitcoin daily trading volume hit record highs, but there was some controversy. At the time, a group of developers said that BRC-20 tokens and ordinal numbers should be blocked from the network.

But now the new Runes have become the main driver of the increase in daily trading. According to the Dune dashboard, yesterday the Bitcoin network recorded 304,306 Runes transactions, 193,439 “old BTC” transactions, and about 4,000 Ordinals and BRC-20 transactions combined. This means that Rune accounted for approximately 60% of all transactions on the network yesterday.

Runes is a protocol built on top of Bitcoin. This was described as a project opting for the BRC-20 token, which effectively introduced an NFT-like asset to the network. Runes are an attempt to make the process of creating fungible tokens in Bitcoin more efficient and usher in a new era of shitcoins for the cryptocurrency OG.

There were a few more noteworthy Bitcoin developments over the weekend.

First of all, my 13-year-old wallet that had been holding 687 Bitcoin since it traded at $2 just moved its storage. This is what Bitgrow founder Vivek Sen emphasized. on twitter Early this morning.

It’s difficult to say why an anonymous whale wallet created over a decade ago was moving funds, but traders tend to take this as a hopeful sign that anyone who has been able to hold BTC for a long time at any time has done so.

“The wallet owner took from $2 to $65,000,” Sen wrote. “What a legend!”

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