The Block Crypto News15 minutes ago

Published on April 30, 2024 20:14 GMT+00:00edited on April 30, 2024 20:19 GMT+00:00

Runes have been taking over the bitcoin network. This new token standard that launched with the latest Bitcoin halving has been mentioned before in this newsletter, in the context of pushing the average transaction fee on Bitcoin upwards even before their debut as hype stirred and helping miners combat a lower block subsidy reward as transaction fee revenue reached new highs.

And both of those trends largely still hold. The 7-day moving average of the average transaction fee on Bitcoin reached over $40 last week, 10 times as high as the $4.10 average on Ethereum.

And the total fees paid on Bitcoin have also outstripped Ethereum, with the 7-day moving average of total fees paid on the network climbing to $25.77 million (un-averaged the number got as high as $80 million). …