Bitcoin Users Pay $7.47 Million in Gas Fees, Halving and Runes Upgrade Set for April 20

Bitcoin users have been on a spending spree, shelling out a whopping $7.47 million in gas fees in the last 24 hours, surpassing Ethereum users who paid $7.31 million, according to data from Cryptofees. This surge in fees comes ahead of the highly anticipated Bitcoin halving and the Runes upgrade set to go live on April 20.

The upcoming halving will see the reward for minting a new Bitcoin block cut in half to 3.125 Bitcoin from 6.25 Bitcoin, a move that has sparked excitement among the crypto community. Additionally, the Runes upgrade aims to enhance the efficiency of trading NFTs and tokens on the Bitcoin blockchain, further fueling the frenzy.

Bitcoin NFT and BRC-20 trading activity has been heating up as Saturday approaches, with Magic Eden, an NFT marketplace, recording $37 million in volume in the last 24 hours, with a significant portion of that activity on Bitcoin. The most actively traded Bitcoin NFT collection, Runestones, saw a volume of $9.6 million, outpacing major Ethereum collections like Pudgy Penguins and Bored Ape Yacht Club.

Following the Runes upgrade, Runestone holders are set to receive airdrops from three different Runes memecoin projects, adding to the excitement surrounding the upgrade. Meanwhile, BRC-20 tokens are also gaining traction, with users trading them paying over 18.6 Bitcoin in fees in the last 24 hours. Some tokens, like WZRD from Bitcoin Wizards Ordinals, have seen staggering gains of 12,234% in the last 30 days, contributing to the total market capitalization of BRC-20s exceeding $2.5 billion.

As the crypto world gears up for the halving and the Runes upgrade, all eyes are on Bitcoin as it continues to dominate in trading activity and fees paid, setting the stage for an eventful weekend in the world of cryptocurrency.