BTC daily transactions hit 2-year high of over 820K, driven by Runes

Bitcoin's daily on-chain transaction count has surpassed 820,000, reaching its highest level in two years, CoinDesk reported, citing data from Glassnode. The media outlet noted that network activity is increasing even as the price of BTC hovers around $62,000, down approximately 50% from its all-time high. This surge is reportedly driven by the growing activity of Runes, an alternative protocol to BRC-20. Transactions involving the Bitcoin Ordinals inscription Runestone have exceeded 600,000 in a single day, also a two-year high. Furthermore, Runes-related transactions now account for about 25% of all Bitcoin network fees, reaching their highest level in recent years. CoinDesk explained that while Bitcoin has faced criticism for a lack of practical on-chain utility, the recent growth in transaction volume and fee revenue indicates expanding demand for network use amid a bear market.