Runes have been taking over the Bitcoin BTC/USD 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 ETH/USD.
Read the full story at The Block.
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