Bitcoin’s on-chain activity is booming despite the asset remaining deeply entrenched in a bear market.
The number of Bitcoin transactions recently exceeded 820,000 per day, according to data from Glassnode. The increase comes as bitcoin trades around $62,000, about 50% below its all-time high in October, a period during which network activity is generally expected to weaken.
The number of transactions is the highest since April 23, 2024, immediately after the last halving event and the launch of the Runes protocol, a Bitcoin fungible token standard, which led to a considerable increase in transaction fees.
Similar to how ERC-20 tokens work on Ethereum, Runes allow users to create and transfer fungible assets directly to Bitcoin.
Runes once again appear to be driving a rush of Bitcoin activity, with transactions carrying messages from the Rune protocol, known as Runestones, surpassing 600,000 per day, also marking a two-year high, according to Glassnode data.
