In a shocking turn of events on April 20, Bitcoin’s value increased, bringing in an amazing $78.3 million in fees, significantly higher than Ethereum’s $3.2 million. This rise happened after the creators of Ordinals released Bitcoin Runes after the halving event. This made it possible to make fungible tokens on the main blockchain.
A researcher at Into The Block named Lucas Outumuro called the Runes start “absolutely insane.” He also pointed out that the $80 million in daily fees is four times the previous all-time high, which was set in December 2017. A typical transaction fee used to be $30 during the Ordinals. It has since gone up to $128.
Bitcoin Miners Earn Record Profits
Surprisingly, miners are now making more fund than ever, even though their earnings were cut in half recently. On Saturday, they made more than $100 million. Before this, there were worries that miners would be under a lot of short-term stress after the split, which caused big drops in some of the most important mining stocks.
Outumuro says that traditional finance was caught off guard by the start of Runes, pointing out how quickly and hugely important it was in just 48 hours.
Even so, it’s still not clear how long Runes’ popularity will last. A drop in retail addresses shows that retail involvement isn’t very strong. Even though some in Bitcoin’s traditional community are against it, Runes might be able to solve the currency’s long-standing security problems. Its long-term survival, on the other hand, is still unknown.
