Bitcoin Runes Transfer Volume Up 3x from August Low!
2024-10-15
Bittime - After experiencing a decline in August, Bitcoin transfer volume Runes showing signs of significant recovery.
Based on the latest data from Into The Block, the number of Bitcoin Runes transfers has tripled from its low point in August. Read this article to find out more!
What is Bitcoin Runes?
Bitcoin Runes are tokens used in the ecosystem THORChain, a liquidity protocol that enables the exchange of assets between blockchains without having to go through a centralized exchange platform.
Bitcoin Runes play a role in connecting the liquidity of various crypto assets, including Bitcoin, Ethereum and other assets.
Thus, Bitcoin Runes transfers become an important indicator in measuring THORChain ecosystem activity and adoption.
Read Also: ALEX Launches BRC20 Bridge and Runes for Bitcoin DeFi Ecosystem
Bitcoin Runes Transfer Volume
Source: x.com/intotheblock
According to data from Into The Block, the number of Bitcoin Runes transfer volumes, which experienced a drastic decline in August, is now starting to show signs of recovery.
The latest chart shows that Bitcoin Runes transfer volume has tripled since the low point hit in August.
Even though it has not yet reached its previous peak level, this trend indicates that there is renewed interest in the use of Bitcoin Runes. This recovery raises questions whether Bitcoin Runes will revive in the near future.
Reason of Bitcoin Runes Transfer Volume Rises
There are several factors contributing to the increase in Bitcoin Runes transfer volumes. One of them is crypto market emulsion.
After the crypto market experienced turmoil in the middle of the year, many crypto assets began to show signs of recovery. The increase in Bitcoin prices can also affect the transfer volume of Bitcoin Runes.
As more users utilize THORChain for cross-chain exchanges, so does the demand for Bitcoin Runes as the main utility token also increases.
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How to Buy Crypto with Bittime
Want to trade, sell and buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
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