Cryptoverse: Busy Bitcoin breeds new crypto. The Bitcoin blockchain is heating up. According to Glassnode, daily transactions have reached an all-time high of 682,000 this month, approximately 40% higher than in 2017. From 38% at the start of the year, Bitcoin’s share of the $1.16 trillion cryptocurrency market has grown to 44%.
How’s it going?
Besides Bitcoin, the first crypto token class on the Bitcoin blockchain is BRC-20. Transactions have skyrocketed since around 25,000 trial coins were created this year.
“BRC-20 tokens are a phenomenon we haven’t seen before,” said Genesis Trading co-head of trading, Gordon Grant.
Blockchain.com statistics show that the average daily transactions over seven days are above 531,000, nearly twice as high as a month ago.
Similar to meme coins, this new crypto is only used for speculation. Yet its fledgling popularity indicates interest in bitcoin not just as a store of value or payments system but as the platform for constructing new coins and services, traditionally the domain of more recent blockchains like Ethereum and Solana.
In the wake of the crypto devastation that followed the bankruptcy of high-profile enterprises like FTX and a general flight from riskier assets, some investors and developers consider Bitcoin’s blockchain a safer long-term base for constructing tokens and applications.
“People have seen what is possible with other blockchains and want it on bitcoin; as the oldest network, bitcoin has a track record that people can trust,” said Alex Miller, CEO of Bitcoin development network Hiro.
The BRC-20 frenzy has been erratic. According to tracker BRC-20.io, these tokens, traded in secondary markets, mainly decentralized exchanges, hit $1 billion in early May but dropped to $446 million.
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