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Runes impact fading: Bitcoin transaction fees plummet to 5-Year Low
The post Runes impact fading: Bitcoin transaction fees plummet to 5-Year Low appeared on BitcoinEthereumNews.com. The transaction fees of Bitcoin have sunk onto the five-year level while still witnessing a sharp decline despite the Runes token standard boom. According to CryptoQuant analyst Julio Moreno, there was a sharp drop in transaction fees in spite of the notable increase in Rune traffic on the 20th of April. Although there were top transactions of over half a million dollars in the amount of fee, the network’s fees plummeted sharply, unlike predicted, seeing the average users’ impediment in the fee. Source: X Runner’s analysis emphasized that Bitcoin’s daily average transaction fees, despite still Runes’ fans, were smaller than the high figures seen in late 2017 and early 2018. This reduction occurs at a time when there has been stronger activity of runes similar to the one in demand experienced when the BRC-20 token standard was first introduced last year, which also contributed to the higher network transaction volume. Runes impact subsiding At the beginning of Rune’s adoption, the adoption of the latter caused an increase in Bitcoin’s transaction fees, but the impact of this standard is gradually reducing. The comparatively high level of gas fees for the average user is a matter of concern. However, the recent drop in transaction rates could, in fact, be a sign that things are getting better. The network shows its robustness in the face of escalating Runes activity. The former seems to validate a level of stabilization despite fluctuations. This fact reflects the fact that Bitcoin has, in the past, withstood transaction spikes and fee hikes. The situation at present depicts an equation to be solved between the increased demand for activity on the blockchain and the block’s capacity to handle such tasks without a drastic increase in fee. Bitcoin miners, with profit in their sight The Rune transactions activity, which causes…
The post Runes impact fading: Bitcoin transaction fees plummet to 5-Year Low appeared on BitcoinEthereumNews.com.
The transaction fees of Bitcoin have sunk onto the five-year level while still witnessing a sharp decline despite the Runes token standard boom. According to CryptoQuant analyst Julio Moreno, there was a sharp drop in transaction fees in spite of the notable increase in Rune traffic on the 20th of April. Although there were top transactions of over half a million dollars in the amount of fee, the network’s fees plummeted sharply, unlike predicted, seeing the average users’ impediment in the fee. Source: X Runner’s analysis emphasized that Bitcoin’s daily average transaction fees, despite still Runes’ fans, were smaller than the high figures seen in late 2017 and early 2018. This reduction occurs at a time when there has been stronger activity of runes similar to the one in demand experienced when the BRC-20 token standard was first introduced last year, which also contributed to the higher network transaction volume. Runes impact subsiding At the beginning of Rune’s adoption, the adoption of the latter caused an increase in Bitcoin’s transaction fees, but the impact of this standard is gradually reducing. The comparatively high level of gas fees for the average user is a matter of concern. However, the recent drop in transaction rates could, in fact, be a sign that things are getting better. The network shows its robustness in the face of escalating Runes activity. The former seems to validate a level of stabilization despite fluctuations. This fact reflects the fact that Bitcoin has, in the past, withstood transaction spikes and fee hikes. The situation at present depicts an equation to be solved between the increased demand for activity on the blockchain and the block’s capacity to handle such tasks without a drastic increase in fee. Bitcoin miners, with profit in their sight The Rune transactions activity, which causes…
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