Bitcoin price rose slightly on Monday, steadying from recent losses as the halving event, which took place over the weekend, was largely overshadowed by the launch of a new token minting protocol on the world’s biggest blockchain. Bitcoin rose 1.4% over the past 24 hours to $65,917.5 by 01:19 ET (05:19 GMT). While easing fears over a conflict in the Middle East helped improve risk appetite, the token still remained squarely within a trading range established over the past month.
Bitcoin’s halving event, which saw the halving of mining rewards on the blockchain, occurred over the weekend with little price action. However, the world’s biggest blockchain saw a flurry of activity with the launch of the Runes protocol. This protocol allows the minting of digital tokens on top of the Bitcoin blockchain. This new protocol differs from the previous ordinals protocol in that it permits users to create new tokens, similar to what is seen on the Ethereum blockchain. The launch of the protocol sparked a significant increase in Bitcoin transaction fees over the weekend, showcasing heightened activity on the network.
Bitcoin miners are set to benefit from the large jump in fees experienced over the weekend. The spike in transaction fees also saw traders largely ignore the impact of the halving on mining rewards. However, the halving event is still expected to pressure miners in the long run. Despite this, mining stocks including Marathon Digital Holdings Inc (NASDAQ:MARA), Hut 8 Corp (NASDAQ:HUT), Riot Platforms (NASDAQ:RIOT), and Core Scientific Inc (NASDAQ:CORZ) could see near-term gains due to increased transaction fees, indicating higher revenues for miners.
Other major crypto tokens experienced limited gains on Monday, even as risk appetite improved amid waning concerns over an Iran-Israel war. The strength of the dollar and the prospect of higher-for-longer U.S. interest rates constrained any major upside in crypto prices. This factor also contributed to Bitcoin’s price remaining steady despite increased on-chain activity. Ethereum, the world’s number two token, rose 1.1% to $3,208.95, while XRP and Solana added 1.8% and 0.5%, respectively.
Despite the recent halving event and the launch of the Runes protocol, Bitcoin’s price stabilization indicates a cautious approach from traders and investors. The impact of these events on the cryptocurrency market remains to be seen in the coming days as market participants assess the implications for miners and the broader crypto industry.