Since the halving event, Bitcoin transaction fees have significantly dropped, signaling a notable shift. Additionally, the floor price for the Runes NFT collection has declined, impacting its role in maintaining fee revenue post-halving. This trend suggests reevaluating strategies within the crypto ecosystem as stakeholders remain optimistic over a bullish season.
Bitcoin Transaction Fees and Runestone NFT Collection Witness Dramatic Drop
Bitcoin’s week kicked off with stability, holding above the $65,800 mark, coinciding with a noticeable drop in transaction fees post-halving. Analysis of on-chain data indicates that medium-priority transactions command a fee of $8.48, while high-priority transactions are priced at $9.32.
However, immediately after the halving, fees skyrocketed, surpassing $146 for medium-priority transactions and $170 for high-priority ones. Following the halving, the Hashprice index, a key metric for miners’ earnings per hash, plummeted from $182.98 per hash/day to $81.
Despite expectations of reduced revenue for miners, the Runes protocol was launched at the halving to counteract this decline by stimulating on-chain activity by creating fungible tokens on the Bitcoin network. Unexpectedly, the Runestone NFT collection’s floor prices saw a drop of nearly 50% post-halving. In contrast, other collections like Bitcoin Pullets and NodeMonkes experienced price increases.
While these collections generate significant transaction fees, they do not serve as the anticipated revenue source like Runes. This dynamic shift in the market underscores the challenges of navigating the crypto space amidst introducing new protocols and market trends.
