Propelled by a sudden spike in the popularity of Runes, the Bitcoin (BTC) network recorded a new high of over 926,800 daily transactions.
According to data from Glassnode, the Bitcoin network had previously registered a record high of over 731,000 transactions in December 2023. However, on April 23, Bitcoin's daily transactions shattered the previous record by more than 195,000 transactions. Glassnode further revealed that, going by the MVRV (Market Value to Realized Value) ratio, the unrealized profit within the Bitcoin blockchain is currently at its highest value.
This surge in transaction volume coincided with the launch of Bitcoin Runes. The Runes protocol, which enables the issuance of meme-coins on the Bitcoin network, went live hours after the fourth halving event. Developed by the creator of the highly successful Bitcoin Ordinals protocol, Runes has quickly become the dominant token standard on Bitcoin, accounting for nearly 70% of all BTC transactions.
Despite the surge in the popularity of Runes, Bitcoin still has not experienced a significant rise in its value. As of writing, the most popular cryptocurrency is priced at $64.01K, down by 1.3% over the last 24 hours.