Market
Bitcoin Runes Dominate BTC Transactions
Bitcoin transactions continue to grow following the halving, with data showing that much of the recorded demand comes from the Runes protocol.
Since its launch, Runes has recorded at least 150,000 daily transactions, dethroning BRC-20, which now struggles to achieve 10,000 transactions.
Runes Dethrone BRC-20 and Ordinals as Protocol Transactions Surge
On-chain data shows that the Runes token standard has effectively sidestepped BRC-20 and Ordinals. According to Dune Analytics, the number of transactions on Rune has averaged at least 150,000 per day since its debut on April 20. The highest it has ever been was 753,584 on April 23.
On average, the share of Bitcoin transactions on Runes protocol relative to BRC-20 and Ordinals is also higher for Runes, coming in at around 40%. This trajectory comes as Runes makes creating fungible tokens on Bitcoin more efficient, unlike BRC-20, which uses the Ordinals protocol.
BRC-20 tokens and Ordinals have been controversial in the past amid complaints that they clog up the network and cause fee increases. Relative to simple peer-to-peer transactions, it is complex to create and transfer BRC-20 tokens. At the very least, one would need more space on the blockchain.
Read more: Crypto Inscriptions: What Are They And How Do They Work?
Casey Rodarmor, BTC developer and the creator of Bitcoin Ordinals and Runes, discussed the protocol’s pros and cons in his last appearance on Hell Money Podcast.
“If Runes are successful, they’ll drain liquidity, technology, and attention away from other cryptocurrencies, and bring it back to Bitcoin. I’m not creating a shitcoin [but] a venue for people to create shitcoins, which is possibly worse and more dangerous. We’ll see,” he said.
The Game-Changers for Bitcoin’s Future
Runes, BRC-20, and Ordinals have enabled Bitcoin to evolve and become more than just a store of value. Now, it is a platform for creative expression and complex financial instruments. The three token standards have progressively developed atop each other’s strengths and weaknesses, each better than the next.
Runes launched on April 20, when the fourth BTC halving happened. It increases the efficiency of creating fungible tokens on the Bitcoin network:
- Enables off-chain transactions, thereby reducing congestion on the Bitcoin network and therefore facilitates more transactions to be processed quickly and cost-effectively.
- Faster confirmation times and lower fees for users, which increase accessibility and practicality of Bitcoin transactions for everyday use.
Read more: Bitcoin NFTs: Everything You Need To Know About Ordinals
The main similarity between BRC-20 and Runes is that both use Bitcoin and pay fees in BTC to create new tokens. BRC-20, launched in February 2023, was developed to create a standard for fungible tokens on Bitcoin. Its key highlights were affordability, speed, and increased accessibility relative to its forerunner, Ordinals. It also brought programmability, unlike Ordinals.
Ordinals launched in January 2023. Through Ordinals, Rodarmor enabled the creation of NFT-like “inscriptions” on the Bitcoin network. He described the Ordinals “theory” as a lens to view the Bitcoin blockchain and see the “trackable satoshis pop into view like Pokémon in the tall grass.” Its main challenge was high fees.
Read more: Top 5 BRC-20 Platforms To Trade Ordinals in 2024
Social media analytics and investment tools confirm growing interest in Runes. According to Lunarcrush, BRC-20 has up to 37,169 interactions, while Ordinals has 34,299. Meanwhile, Runes has 53,008 at the time of writing.
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Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
Market
Will Bulls Push It Higher?
Ethereum price started a fresh surge above the $2,650 resistance. ETH is up over 10% and might aim for a move above the $2,850 resistance.
- Ethereum started a fresh surge above the $2,650 resistance zone.
- The price is trading above $2,700 and the 100-hourly Simple Moving Average.
- There is a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could continue to rise if it settles above $2,850 and $2,880.
Ethereum Price Extends Surge
Ethereum price started a fresh increase above the $2,550 resistance like Bitcoin. ETH was able to climb above the $2,550 and $2,650 resistance levels to move into a positive zone.
It even surged above the $2,720 level in the past few sessions, beating BTC. It is up over 10% and there was a move above $2,800. A high is formed at $2,848 and the price is showing signs of more upsides. It is holding gains above the 23.6% Fib retracement level of the upward move from the $2,357 swing low to the $2,848 high.
Ethereum price is now trading above $2,700 and the 100-hourly Simple Moving Average. There is also a new connecting bullish trend line forming with support at $2,730 on the hourly chart of ETH/USD.
On the upside, the price seems to be facing hurdles near the $2,850 level. The first major resistance is near the $2,880 level. The main resistance is now forming near $2,950. A clear move above the $2,950 resistance might send the price toward the $3,000 resistance.
An upside break above the $3,000 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,250 resistance zone.
Are Dips Supported In ETH?
If Ethereum fails to clear the $2,850 resistance, it could start a downside correction. Initial support on the downside is near the $2,800 level. The first major support sits near the $2,720 zone and the trend line.
A clear move below the $2,720 support might push the price toward $2,650. Any more losses might send the price toward the $2,550 support level in the near term. The next key support sits at $2,500.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $2,850
Major Resistance Level – $2,720
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