Bitcoin daily transactions surge past 820,000, highest since April 2024

Bitcoin's daily transaction count has surged past 820,000, the highest level since April 2024, according to Glassnode data. The spike comes even as bitcoin trades around $62,000, roughly 50% below its all-time high, a period when network activity would typically be expected to weaken.

The increase in on-chain activity is largely attributed to a revival of the Runes protocol, a Bitcoin fungible token standard similar to Ethereum's ERC-20. Runes debuted in April 2024 alongside the last halving event, initially causing a spike in transaction fees. The recent surge suggests renewed interest in creating and transferring tokens on the Bitcoin network, driving up transaction counts despite the bearish price action. For crypto traders, this divergence between price and network activity is noteworthy. While bitcoin's price remains subdued, the underlying blockchain is seeing robust usage, which can be tracked live on NowPrice's crypto dashboard. Historically, such periods of high on-chain activity during price lows have sometimes preceded market recoveries, though past performance is not indicative of future results.

Looking ahead, traders will monitor whether the Runes-driven activity can sustain itself or if it fades as it did after the initial halving hype. Key levels to watch include bitcoin's ability to hold above $60,000 support and a potential breakout toward $70,000 resistance. On-chain metrics such as exchange reserves and miner flows will also provide clues about supply dynamics. The broader crypto market remains sensitive to macroeconomic factors, including US interest rate expectations and regulatory developments, which could influence risk appetite.