Bitcoin’s onchain activity is increasing despite the asset remaining deep in a bear market.
The number of Bitcoin transactions recently rose above 820,000 per day, according to Glassnode data. The rise comes as bitcoin trades around $62,000, about 50% below its peak in October, a period when network activity is typically expected to weaken.
The number of transactions is the highest since April 23, 2024, the immediate aftermath of the last halving event and the debut of the Runes protocol, a Bitcoin fungible token standard, which saw a significant increase in transaction fees.
In the same way that ERC-20 tokens work on Ethereum, Runes allow users to create and transfer fungible assets directly on Bitcoin.
Runes again appear to be driving a rush in Bitcoin activity, with transactions carrying Rune protocol messages, known as Runestones, rising above 600,000 per day, also marking a two-year high, Glassnode data shows.
