Bitcoin

Runes is making Bitcoin fun and accessible again

Published

9 months ago

13 May, 2024

Runes is making Bitcoin fun and accessible again

Disclosure: The opinions and views expressed here belong solely to the author and do not represent the views and opinions of the crypto.news editorial.

Bitcoin is no longer boring or out of reach for retail; It’s fun and exciting and ready to usher in a new era of innovation. For years, Bitcoin was considered a store of value – a means of preserving capital. This meant using the Bitcoin blockchain to purchase Bitcoin and then transfer it to cold storage, completely forgetting about the largest network in the world.

As a result, while Ethereum, Solana and other blockchains have been buzzing with activity, raking in billions of dollars in fees, the Bitcoin blockchain has remained relatively inactive, with little fun, activity, fees or innovation – except for rising prices. . And as a trillion-dollar asset class, most retail can’t even think about getting into BTC.

But now the tide is turning, and for the first time, Bitcoin is ready to experience all of this and more. This will not only attract more people, encourage adoption and encourage innovation, but it will also help the Bitcoin blockchain find a solution to its network security problem.

This new era of change is being led by Runesthat helped Bitcoin miners raise record US$107 million in revenue in a single day. This helped alleviate concerns surrounding the impact of the halving on miner revenue and Bitcoin’s “long-term security budget.”

Even traditional institutions are noticing this increase in Bitcoin activity, with analysts at Bernstein stating:

“Bitcoin is experiencing a ‘Defi summer’ like a moment Ethereum experienced in 2020, where several decentralized applications and tokens were launched on the Ethereum blockchain, leading to increased liquidity and transaction fees.”

Bernstein isn’t alone either; Franklin Templeton also observed a “renaissance of activity” in Bitcoin.

Launched alongside Bitcoin’s halving last month, there has been a lot of excitement surrounding Runes. This is quite evident in Bitcoin’s average transaction fee, which has been stabilizing but has been revived with the launch of the Runes protocol. At the beginning of this month, rates hovered around $5, but surpassed $128 for the first time on April 20, according to Y Charts. As a result, total transaction fees reached a record $80 million.

Average Bitcoin Transaction Fee | Source: Y Charts

The protocol itself has already recorded 1.9 million transactions and generated 1,366 BTC in fees, according to data provided by Dune Analysis. Data by NFT Pulse Meanwhile, it reveals that Bitcoin is the leading network in terms of trading revenue.

A new era for Bitcoin

All started with ordinals, which allows users to embed data into the Bitcoin blockchain. Ordinals have been a gigantic success, with over 66 million ordinal inscriptions created since 2021, generating more than 6,777 BTC (worth $450.8 million) in fees, according to Dune Analytics.

Of course, things can always be better, and thus came Runes, also created by Ordinals developer Casey Rodarmor. What Runes does is use Bitcoin’s unspent transaction outputs (UTX) and store data in the transactions’ OP_RETURN field. In contrast, the current Bitcoin BRC-20s token standard is less efficient and can clog the network.

This means that Rune keeps all data on-chain while being cheaper and more network efficient than previous standards. This way, Runes can offer a safer platform to launch fungible token projects, such as meme coins, and make transactions.

Retailers are already having fun with Bitcoin, with hundreds of tokens launched in less than a week. Additionally, the Runes ecosystem has grown to include DEXs, NFT marketplaces, launchpads, exchanges, lending protocols, explorers, analytics, and Runes-focused projects. Even centralized exchanges like OKX and Gate.io got in on the action, listing some of these newly created runes. This shows how, over time, this will lead to a vast and vibrant ecosystem around Bitcoin.

All this while the entire experience of creating and speculating on NFTs and meme coins on Bitcoin is still not perfect. As technology and user experience improve and people realize the true potential of Runes, this growth will only accelerate further.

So this is just the beginning, which means the project could see a drop in price, activity and rates in the short term. As we can already see, the rate is back to $32. However, in the long term, once the hype cools down, it will generate a veritable frenzy of ingenuity, integrations, and usefulness. Runes will soon be a billion-dollar ecosystem, leading to new blockchain capabilities and renewed enthusiasm.

All this enthusiasm, accessibility and technological superiority will make Rune change the Bitcoin landscape. It needs more legitimate games, definition and general infrastructure in place. The top 10 runes by market cap are memes and we will see this change in the coming months.

Top 10 runes by market value

1. DOG•GO•TO•THE•MOON: US$371.4 million +5.3%
2. RSIC•GENESIS•RUNE: $260.6 million +0.7%
3. DECENTRALIZED: US$66.7 million -0.9%
4. SATOSHI•NAKAMOTO: US$45.7 million +9.6%
5. Z•Z•Z•Z•Z•FEHU•Z•Z•Z•Z•Z: US$31.9 million +37.9%
6. WOLF•THE•WOLF•DOG: US$ 27.6 million +34.3%
7.…

-Ord.io (@ord_io) May 2, 2024

Overall, Bitcoin’s vast potential has been dormant until now, but with Runes, BTC is ready to realize all these possibilities. The base layer has already spent the last decade establishing itself as a secure and robust blockchain. Now, retail will be able to access Bitcoin again and experience its enormous value, which will take it to new heights.

z3º

z3º is the founder and CEO of Ordz Games, a blockchain-based gaming platform that develops on-chain games powered by Bitcoin, GameFi and DePIN. Ordz Games has launched the world’s first web3 gaming device, BitBoy, which allows users to interact with the Bitcoin blockchain and earn Bitcoin rewards. z3th has been in the crypto space since 2017 and is a serial entrepreneur with over a decade of experience.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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