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The Bitcoin Price Surges Above $65,000
Bitcoin began Monday trading above $65,000 for the first time in more than a week. It has since retraced slightly but remains 0.5% higher than the previous day. This surge in Bitcoin price has positively impacted the entire cryptocurrency market, with the global market capitalization reaching $2.5 trillion after gaining 1.3% in the past day, according to CoinGecko data.
Bitcoin Price Movement
Currently, the Bitcoin price sits at $64,264.08, still 3% higher than the previous week. Over the past day, $13 billion worth of BTC has been traded, with approximately 22% of that volume on Binance, the world’s largest crypto exchange. On Binance, the First Digital USD (FDUSD) stablecoin has been the most popular trading pair for BTC investors, accounting for $3 billion in volume within the past day. FDUSD, launched by First Digital Labs in Hong Kong in 2023, has gained significant traction among traders.
Bitcoin Network Milestones
Recently, the Bitcoin network marked a significant milestone by processing over 1 billion transactions. The network saw a spike in daily transactions last year, largely driven by the BRC-20 standard and ordinals. However, a new player, Runes, has emerged as the primary driver behind the increasing daily transactions. Yesterday, the Bitcoin network recorded 304,306 Runes transactions, surpassing “good old BTC” transactions and other token transactions combined, indicating Runes’ growing dominance in the network.
Runes, a protocol built on top of Bitcoin, aims to enhance the creation of fungible tokens on the network, ushering in a new era of digital assets. This project follows the introduction of NFT-like assets through BRC-20 tokens and seeks to streamline the token creation process on Bitcoin.
Other Bitcoin Developments
Additionally, a notable event over the weekend was the movement of a 13-year-old wallet holding 687 Bitcoin since its early days when the price was $2. Bitgrow founder Vivek Sen highlighted this wallet movement on Twitter, noting the owner’s steadfast “hodling” of the BTC despite the price reaching $65,000. This action was viewed positively within the crypto community as a testament to long-term investment in Bitcoin.
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