The historical transformation of cryptocurrencies in the Bitcoin blockchain has become known

The Bitcoin blockchain is undergoing historic changes, including the introduction of the Runes token standard. The new development extends the functionality of the BTC by allowing the creation of interchangeable tokens.

Runes significantly increases transaction fees and miners' income, changing the economic landscape of the network. According to IntoTheBlock’s Head of Research, Lucas Outumuro, Runes' impact on the industry is seismic, describing it as «absolutely insane.» He pointed to a surge in daily collections that reached a record $ 80 million. This is about four times the previous all-time high set in December 2017.

The average fee per transaction on the bitcoin network has soared to $ 128, far surpassing the peak of $ 30 during the initial hype around Ordinals. The sharp rise in the cost of fees was a positive for miners, whose profits increased by 1200% after the launch of Runes. The sudden jump resulted in a record bitcoin mining revenue of $ 100 million.

The launch of Runes coincided with a significant decline in the number of new bitcoin addresses, which reached a two-year low. According to Outumuro, this indicates that the current surge is mainly driven by experienced crypto enthusiasts, and retail investors have not yet joined the fray.