The Bitcoin network hit a major milestone with its billionth transaction, marking a significant evolution in its usage pattern. Recent activity mirrors Ethereum’s trends from 2020.Â
The emergence of the Runes protocol has been a significant catalyst. It caters to the rising interest in memecoins and NFTs, states Bitget research analyst Ryan Lee.Â
Runes, a fungible token standard by Casey Rodarmor, provides an alternative to BRC-20. It enables diverse transaction types without relying on Ordinals.Â
Recent data from Dune Analytics shows Runes accounting for up to 81.3% of daily Bitcoin transactions, signaling a shift from traditional payment transactions.Â
Bitcoin’s landscape is reminiscent of Ethereum’s pre-DeFi boom era, with growing activity and innovation, says analyst Ryan Lee.Â
Bitcoin’s Total Value Locked (TVL) stands at $1.2 billion, echoing Ethereum’s position four years ago, potentially heralding a DeFi-like surge.Â
Analysts anticipate increased demand for blockspace due to protocols built atop Bitcoin’s layer-1, potentially leading to congestion and higher fees.Â
The launch of US spot bitcoin ETFs and the recent halving event further signal Bitcoin’s maturation and potential for price appreciation.Â
Despite potential macroeconomic headwinds, Bitcoin’s DeFi and Web3 capabilities position it to challenge smart contract networks like Ethereum.Â
