CandleFocus Runes Activity Rebounds: Bitcoin Transaction Fees Hit Multi-Month Record Highs
2024-10-16
Author: Content Editor
The Runes Protocol, which allows users to mint their own tokens on the Bitcoin network, has seen a resurgence in activity after months of inactivity. This has led to a significant increase in Bitcoin's transaction fees, which have risen by over 32% this week, reaching their highest levels since August. Bitcoin miners have collectively earned $5 million in transaction fees over the past week due to increased demand for block space. Alkimiya, a decentralized capital markets protocol, reports that Runes transfers have occupied over 50% of the Bitcoin blockchain's block space. The average BTC median fee has increased by roughly 65% in one day, with the highest median fee rate reaching 50 sat/vB, all tied to Runes mints. Since its launch in April, Runes has generated $62 million in revenue on Bitcoin's halving day and surpassed 50 million inscriptions in September.
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