The cryptocurrency market witnessed a mixed performance on Tuesday, April 23, as Bitcoin (BTC) defied the trend and broke the $66,000 mark. Other major altcoins such as XRP and Solana (SOL) followed suit with notable recoveries, while Ethereum (ETH) and Cardano (ADA) fell slightly.
Bitcoin exceeds $66,000
Leading this attack, Bitcoin rose 0.62% to $66,301.95 at the time of writing. This positive movement was accompanied by a significant increase in trading volume over the last 24 hours, rising by 9.66% to $25.60 billion. Bitcoin’s market cap also remained strong at $1.30 trillion. Ethereum, the second largest cryptocurrency, fell slightly by 0.80% to settle at $3,179.06. Despite the price drop, transaction volume increased by 8.91%, reaching 11 billion dollars. Meanwhile, the price of Cardano fell marginally by 0.27% to $0.5097. However, ADA’s transaction volume increased by 8.87% and reached 383.75 million dollars.
Solana continued its recovery, rising 2.45% to $154.92. Thus, it managed to successfully stay above the $150 level. This positive movement attracted attention as the trading volume increased by 17.49% in the last 24 hours. XRP also showed a recovery, pushing its price above the $0.54 level. In particular, the trading volume increased by a significant 61.38% to $1.62 billion, while the price increased by 2% to $0.5482. On the other hand, Dogecoin and its meme coin rival Shiba Inu continued their downward trend. The price of Dogecoin fell 2% to $0.158, while the price of Shiba Inu fell 3.19% to $0.00002642. The ones that rose the most are as follows:
- Pendle (PENDLE): Pendle cryptocurrency increased by 9.78% and traded at $6.50.
- Gnosis (GNO): GNO increased by 7.53% to $392.64.
- Stacks (STX): Stacks was up 6.85% and was valued at $3.06.
- Immutable (IMX): IMX crypto price increased by 6.79% to $2.39.
Runes tokens increase excitement in the market
Beyond established coin price movements, the recent listing of Runes tokens on cryptocurrency exchanges has created significant excitement among investors and traders. Gate.io, one of the leading exchanges, immediately listed three of the oldest Runes tokens on Bitcoin. Thus, it benefited from the immediate demand. This move reflects strong interest in the launch of Bitcoin’s new token standard.
The increase in demand for Runes tokens did not go unnoticed by other major exchanges. Many are actively exploring ways to participate in this rapidly growing ecosystem. Experts like Jason, founder of Sora Ventures, emphasize that exchanges need to adapt their business models to fit the unique characteristics of the Runes community. This could include eliminating listing fees, partnering with call options market makers, and adjusting strategies to suit the predominantly Western nature of the Runes user base.
Runes move arrived from Magic Eden
cryptokoin.com As we reported, the launch of Bitcoin’s Runes fungible token standard coincided with the quadrennial halving event. This led to a sudden increase in demand and network fees rising to unprecedented levels. Magic Eden, one of the leading players in the NFT market, quickly introduced a platform dedicated to Bitcoin Runes. So he played a very important role. This platform allows users to seamlessly transfer BTC using their Magic Eden wallet. It also allows them to obtain Runes and Ordinals directly.
The earlier-than-expected launch of the platform on April 19 underlines the high expectations for Runes tokens. The rush to launch Runes tokens following the activation of the protocol has significantly contributed to the increase in Bitcoin network fees. Because it reached millions of dollars in the first blocks after the halving. The listing of Runes tokens has undoubtedly generated significant market activity and interest. Investors and traders try to predict potential price movements and market trends. Therefore, it closely follows the development of Runes tokens.
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