- Interest in the Bitcoin NFT sector dwindled significantly.
- Despite this, the price of BTC surged and activity on the network remained stable.
Despite the halving, Bitcoin[BTC] miners continued to generate large amount of fees over the last few days, signaling ongoing profitability in the mining sector.
The surge in miner revenue was primarily attributed to the emergence of Bitcoin runes, a protocol facilitating the creation of fungible tokens on the Bitcoin blockchain.
The introduction of runes has bolstered mining profitability by opening avenues for the creation of new cryptocurrencies and tokens within the Bitcoin ecosystem.
Trouble ahead
However, recent data suggests a decline in interest surrounding Bitcoin runes, alongside other Ordinal NFTs.
Following the completion of the DOG Runes snapshot at 840,269, the floor price of the Pre-Runes concept Ordinals NFT Runestone plummeted by over 60% within 24 hours.
Conversely, the…
