![]() Still, the BRC-20 frenzy has been volatile. "People have seen what is possible with other blockchains and they want it on bitcoin, as the oldest network, bitcoin has a track record that people can trust," said Alex Miller, CEO at bitcoin developer network Hiro. Some investors and developers view bitcoin's blockchain as a safer long-term basis for creating tokens and applications in the wake of the crypto carnage that followed the collapse of high-profile firms like FTX and a general flight from riskier assets, according to market players. Yet its nascent popularity points to interest in bitcoin not just as a store of value or payments method, but as the foundation for developing new coins and applications - previously considered the domain of more modern blockchains such as Ethereum and Solana. This new class of crypto has no specific use beyond speculation, akin to memecoins. Primarily due to the creation of these tokens, the average daily transactions over seven days stands at more than 531,000, nearly twice as high as a month ago, according to data. "BRC-20 tokens are a phenomenon we haven't seen before," said Gordon Grant, co-head of trading at Genesis trading. Nearly 25,000 of the experimental coins have already been minted this year, sending transactions through the roof. Bitcoin's dominance, or its share of the overall $1.16 trillion cryptocurrency market, has swelled to 44% from 38% at the start of the year.Įnter BRC-20, the first class of crypto tokens to be built on the bitcoin blockchain, besides bitcoin itself. ![]() May 23 (Reuters) - Things are heating up on the bitcoin blockchain.ĭaily transactions have rocketed to an all-time high of 682,000 this month, according to data from Glassnode, almost 40% higher than the previous peak in 2017.
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