Ahead of the imminent Bitcoin halving, both ORDI and SATS, the leading BRC-20 tokens, declines of over 40% on the weekly chart. Simultaneously, traders are directing their attention towards Bitcoin Runes, a novel token standard within the Bitcoin ecosystem that streamlines the creation of fungible tokens.
The two BRC-20 tokens, Ordinals (ORDI) and Sats (SATS), setbacks in the market. ORDI plummeted by more than 42%, while SATS witnessed a decline of over 45% the week, as per data from CoinMarketCap.
CoinMarketCap
ORDI & SATS, 1-day chart. Source:
CoinMarketCap
Sales of BRC-20 tokens have also been on a downward. Over the past 24 hours, PUPS BRC-20 sales slumped by 30% to $1.4 million, and WZRD BRC-20 sales nosedived by 63% to $1.1 million, according to insights from NFT data CryptoSlam.
Conversely, the daily sales volume of RUNE BRC-20 tokens surged by an 4,500% to $251,000, a shift in trader focus towards Bitcoin Runes.
During the previous week, PUPS BRC-20 and WZRD BRC-20 tokens ranked second and third in terms of sales volume across all blockchains, sales volumes of over $41 billion and $16.3 million, according to CryptoSlam.
CryptoSlam
Top NFT by weekly sales volume. Source:
CryptoSlam
The sudden surge of interest in Bitcoin Runes, a protocol for issuing fungible tokens on the Bitcoin (BTC) network, can be to its launch, coinciding with the Bitcoin halving later this week.
However, despite the interest, the genuine market potential for Runes may only materialize months after the initial wave of investor subsides. This comes from Ignas, a pseudonymous finance (DeFi), who his views in an April 17th post.
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Rune price in danger after Bitcoin halving
According to Ignas, Rune prices could face a notable decline following the halving due to their failure to enhance the trading of BRC-20 tokens., Bitcoin fees might render small traders unable to, as by the pseudonymous.
Ignas
Daily fees and BRC-20 hype wave. Source:
Ignas
Ignas anticipates the potential launch of numerous Runes in the market, which could dilute trader attention and capital inflows. Despite this, he remains about Runes in the long term, foreseeing the evolution of their.
, the Internet Computer Protocol (ICP) is gearing up for a Runes, enabling ICP smart contracts to interact with Runes and BRC-20 tokens directly on Bitcoin’s base layer, thereby unlocking for holders.
ICP’s endeavors are part of a paradigm known as Bitcoin finance (DeFi) or BTCFi, which aims to augment the utility of BTC and Bitcoin-native assets.
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It’s important to note that this article does not offer advice or. All and trading decisions entail risks, and readers are advised to conduct their own research before making any decisions.