Altcoins on Bitcoin Represent a Historic Transformation: IntoTheBlock

Altcoins on Bitcoin are having a historic impact on the blockchain, thanks to the introduction of the Runes token standard. This development allows for the creation of fungible tokens and has led to a significant increase in transaction fees and miner revenue. Lucas Outumuro, Head of Research at IntoTheBlock, describes the impact of Runes as “absolutely insane,” with daily fees reaching a record $80 million. This surge in fees has greatly benefited miners, even after the halving, as their earnings spiked by 1,200% following the Runes launch. However, the introduction of Runes coincided with a decrease in new Bitcoin addresses, indicating that the current surge is primarily driven by seasoned crypto enthusiasts, while retail investors have yet to join in. The traditional finance sector, including companies like Marathon Digital Holdings and Riot Platforms, underestimated the potential of Runes and the adaptability of the crypto market, resulting in a decline in their stock performance. This historic transformation of the network may offer a solution to Bitcoin’s security challenges, driven by the trend of altcoins on the Bitcoin platform. The test now is to sustain this momentum and ensure its long-term viability.