- Runes continue to dominate Bitcoin transactions.
- Rates on the Bitcoin network have fallen in recent days.
After the excitement surrounding ordinal numbers, Bitcoin [BTC] runes has become the biggest trend on the network.
Analysis showed that runes have significantly contributed to the number of transactions on the network in recent months. Moreover, it has had a notable impact on transaction costs.
Bitcoin runes dominate transactions
An analysis of Bitcoin rune transactions on the BTC network showed that they started making a positive impact around April. According to Dune Analyticssometime in April the number of rune transactions rose to over 753,000.
For context, the number of BTC transactions on the same day was approximately 171,000. Since then, only BTC itself has seen more transactions.
Further analysis showed that the spike meant that runes were responsible for 81.3% of transactions on the network at its peak.
Source: Dune Analytics
At the time of writing, the number of rune transactions amounted to 336,305, accounting for 44.3% of the total transactions.
In contrast, the BTC transaction number was 359,563, accounting for 47.3% of the network’s transactions. This demonstrates the dominance of runes and its significant impact on transaction costs.
The impact of Bitcoin Runes on fees
An analysis of transaction fees on Dune Analytics showed that Bitcoin runes had a significant impact on fees in the early days.
However, this impact has diminished in recent months. The chart indicated that runes accounted for about 60% to 70% of transaction fees on the network in April. By the end of April, this percentage had fallen to approximately 14%.
Source: DuneAnalytics
In May, the percentage of transaction fees attributed to Bitcoin runes rose to around 26%.
However, it has had problems since then and at the time of writing the transaction fee percentage is around 17%. This means that runes contributed about 9 BTC, which is equivalent to about $630,000.
In contrast, BTC transactions contributed about 56 BTC, worth about $4 million.
This indicates that while runes still see a fair number of transactions, their impact on transaction costs has decreased.
Read Bitcoin’s [BTC] Price forecast 2024-25
Analyze network costs
An Analysis of Bitcoin Costs on Crypto fees showed that the reimbursement trend has been relatively flat for a while, ranging from $2 million to $4 million.
However, there was a significant spike on June 7, with fees rising to over $22 million before falling the next day. At the time of writing, the cost is approximately $5 million.