Bitcoin blockchain births a new breed of crypto
Daily transactions have rocketed to an all-time high of 682 000 this month, according to data from Glassnode, almost 40% higher than the previous peak in 2017. Bitcoin’s dominance, or its share of the overall US$1.16-trillion cryptocurrency market, has swelled to 44% from 38% at the start of the year.Enter BRC-20, the first class of crypto tokens to be built on the bitcoin blockchain, besides bitcoin itself.
Some investors and developers view bitcoin’s blockchain as a safer long-term basis for creating tokens and applications in the wake of the crypto carnage that followed the collapse of high-profile firms like FTX and a general flight from riskier assets, according to market players. “There isn’t much utility when it comes to BRC-20 tokens and Ordinals,” said CJ Reim, contributor at blockchain firm CoreDAO, though he sees the trend as “promising” in terms of interest in building products on the bitcoin blockchain.
“Gas” fees, or transactions costs on the bitcoin blockchain have soared over the past month, with the total dollar-denominated fees paid per day touching near a new all-time-high of $17.8-million/day, according to Glassnode data.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AI is propelling America's stock markets higher - TechCentralRecent advances in artificial intelligence are fuelling optimism over how businesses can operate more productively in the years ahead.
Read more »
Welcome to Eskom MegaGravy Train Park - TechCentralEskom’s head office, Megawatt Park, has been renamed “Eskom MegaGravy Train Park” on Google Maps.
Read more »
Octotel provides Cape Town townships with fibre internet connectivity - TechCentralPromoted | Octotel provides Cape Town townships with fibre internet connectivity Octotel_fibre
Read more »
Digimune appoints Syntech as sole distributor for Norton AntiVirus in South Africa - TechCentralPromoted | Digimune, the exclusive master distributor for Norton AntiVirus in Africa, has appointed Syntech Distribution as its sole channel distributor for the security giant’s solutions in South Africa.
Read more »
TCS+ | Louise Steenekamp: what to look forward to at Saphila 2023 - TechCentralPromoted | AFSUG board member Louise Steenekamp tells TechCentral’s TCS+ all about the upcoming Saphila 2023.
Read more »
MTN on the hunt for alternatives to Eskom - TechCentralMTN South Africa has issued requests for information for the supply of renewable onsite and offsite renewable energy solutions.
Read more »