Bitcoin's Blockchain Dominance Surges Post-Halving
Bitcoin’s blockchain has seen a significant surge in bandwidth usage, surpassing 90% for the first time since the April halving event. This milestone underscores a notable rise in network activity, despite prevailing concerns of fear, uncertainty, and doubt (FUD) surrounding the cryptocurrency.
Rising Network Activity Amid FUD:
Despite facing extended levels of FUD, Bitcoin adoption, transactions, and trading activities remain robust. The latest data from Dune Analytics, highlighted by Cryptokoryo’s chart, reveals that as of June 20, BTC’s dominance in transactional share reached 91.4%. This dominance surpassed other token standards such as Runes (6.8%), BRC-20 (1.6%), and Ordinals (0.2%).
Impact of New Token Standards:
The increase in blockchain bandwidth usage post-halving can be largely the adoption of new token standards, notably Runes and BRC-20. Transactions involving these standards surged significantly, particularly on April 23, when Runes transactions alone exceeded 750,000.
Halving Event and Miner Behavior:
The Bitcoin halving event in April, which reduced block rewards for miners by 50%, prompted miners to prioritize transactions with higher fees. This strategic shift at compensating for the reduced rewards per block. Consequently, the blockchain witnessed an uptick in the number of transactions processed, fueling the steady rise in Bitcoin’s blockchain bandwidth usage.
