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Cryptoverse: Busy Bitcoin Births New Breed of Crypto
The world of cryptocurrencies is experiencing a surge in activity, particularly on the bitcoin blockchain. Daily transactions have skyrocketed to an unprecedented level, reaching 682,000 this month, as reported by Glassnode. This figure represents a significant increase of almost 40% compared to the previous peak witnessed in 2017. Furthermore, bitcoin’s dominance in the overall cryptocurrency market, valued at $1.16 trillion, has risen from 38% at the beginning of the year to 44%. What is driving this frenzy? The answer lies in the emergence of BRC-20, a new class of crypto tokens built on the bitcoin blockchain.
The Rise of BRC-20 Tokens
BRC-20 tokens have made a splash in the crypto world, with nearly 25,000 of these experimental coins minted already this year. The creation of these tokens has resulted in a significant surge in transactions, pushing the average daily transactions over a seven-day period to more than 531,000. This figure is nearly twice as high as it was just a month ago, according to data from Blockchain.com. It’s important to note that BRC-20 tokens currently serve no specific purpose beyond speculation, similar to memecoins. However, their growing popularity highlights a new interest in bitcoin, not just as a store of value or payment method, but also as a foundation for developing new coins…
