Key Points
- Bitcoin runes have significantly influenced the number of transactions on the Bitcoin network and transaction fees.
- Despite a high volume of transactions, the impact of runes on transaction fees has decreased.
Bitcoin runes have been a significant factor in the Bitcoin network’s transactions.
These runes have contributed considerably to the network’s transaction count over the past few months, and they have also had a significant effect on transaction fees.
Bitcoin Runes and Transactions
An examination of Bitcoin runes transactions on the Bitcoin network revealed that they began to have a positive impact around April. Dune Analytics data shows that the number of runes transactions increased to over 753,000 in April.
On the same day, the number of Bitcoin transactions was around 171,000. Since then, only Bitcoin itself has seen more transactions.
Further analysis revealed that at its peak, runes were responsible for 81.3% of the network’s transactions.
Currently, the number of runes transactions is 336,305, accounting for 44.3% of total transactions. In comparison, the number of Bitcoin transactions is 359,563, representing 47.3% of the network’s transactions.
This data displays the dominance of runes and its considerable impact on transaction fees.
Bitcoin Runes and Fees
An analysis of transaction fees on Dune Analytics showed that Bitcoin runes had a significant impact on fees in its early days.
However, this effect has decreased over the last few months. In April, runes accounted for around 60% to 70% of transaction fees on the network. By the end of April, this percentage had dropped to around 14%.
In May, transaction fees attributed to Bitcoin runes increased, reaching around 26%. However, it has struggled since then, and currently, the percentage of transaction fees is around 17%. This means that runes contributed about 9 BTC, equivalent to approximately $630,000.
In contrast, Bitcoin transactions contributed about 56 BTC, worth around $4 million.
This data indicates that while runes continue to see a high volume of transactions, their impact on transaction fees has decreased.
An analysis of Bitcoin fees on Crypto Fees showed that the fee trend has been relatively stable for a while, ranging between $2 million and $4 million.
However, there was a significant spike on 7th June, with fees rising to over $22 million before declining the next day. Currently, the fees are around $5 million.
