The fourth Bitcoin halving has led to a stabilization of fees, offering insights into the evolving landscape of cryptocurrency transactions and market dynamics.

Bitcoin halving took place two days ago, which narrowed the award for Bitcoin miners from 6.25 per block to 3.125. Bitcoin’s code is built to protect against inflation by implementing this event every four years.

On the day of halving, this price spiked to $128 per transaction due to an increase in network activity, however, now it is stable at a fee of $34.86 per transaction. This shows how events affect network fees, such as Halving or the launch of the new protocol.

Transaction fees collected by Bitcoin miners yesterday tripled the previous all-time high, coming in at over $78,000,000.

We also made a new record streak of 104 blocks, in which fees exceeded the newly created BTC! pic.twitter.com/WZkCQ8dbr3 

— Jameson Lopp (@lopp) April 21, 2024 

Fourth Halving: Bitcoin’s Expanding Protocol for Token Creation

Casey Rodarmor, who is a creator of Ordinals, also created Runes. Casey created Runes for the expansion of the Ordinals protocol, which launched on January 23. Ordinals help you put data in Satoshis, the smallest unit of Bitcoin, whereas Runes help in the creation of new tokens themselves.

It utilizes Bitcoin’s UTXO to put token details on UTXO itself, making it easier and cheaper to use the Bitcoin network. After the launch of this protocol, people seemed excited to launch their meme coins. Token creation is just one of the things Runes can do. Users can utilize this project to create marketplaces or wallets

According to the data collected from CoinGecko, the price of Bitcoin is at $66,066, showing an upward trend at the time of writing. The price of this token is not affected by the Halving event or by the high transaction fees. The launch of the new protocol “Runes” did not affect the price of BTC

The Bitcoin network is as busy as ever. More people are getting interested and starting to use it. It is uncertain how it will affect the Bitcoin system as it becomes more scarce.