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Bitcoin Transaction Volumes Decline amid Fading Protocol Interest

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by Giorgi Kostiuk

6 hours ago

Bitcoin's transaction volume has reached an 18-month low attributed to waning interest in two previously popular protocols.

Concerns about Bitcoin's Transaction Volume

Bitcoin transaction volumes have significantly decreased, hitting an 18-month low. This decline is primarily linked to the diminishing popularity of two Bitcoin-native protocols.

Fading Interest in Protocols

Protocols Ordinals and Runes, which once generated excitement, are now experiencing reduced usage. Ordinals introduced a way for NFT-like inscriptions on satoshis, while Runes simplified transaction activities through tokens on Bitcoin.

No Comments from Leaders or Regulators

Currently, there have been no new comments from major developers or regulators regarding the decline in transaction volumes. The drop resembles past historical patterns seen in the cryptocurrency space.

Bitcoin is reverting to its original role as a settlement layer, with reduced speculative activity, leading to lower transaction fees and congestion.

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