Glassnode data mentions that daily transactions soared to a record high of 682,000 this month, nearly 40% higher than the previous peak in 2017.

Bitcoin's dominance, or its share of the $1.16 trillion global cryptocurrency market, has swelled to 44% from 38% at the start of the year. In reality, BRC-20 is the category of crypto tokens to be built on the bitcoin blockchain, in addition to bitcoin itself. According to Gordon Grant, co-head of transactions at Genesis Trading, “BRC-20 tokens are a novel phenomenon.” Nearly 25,000 of these experimental coins have already been minted this year, driving up the number of transactions. This new cryptocurrency category has no specific use beyond speculation, like memecoins