Skip to main content

Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum

Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum

On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees.

Bitcoin’s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting

The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882 inscriptions since the inaugural one occurred on December 16, 2022.

Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum

The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was on this day that Bitcoin’s mempool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.

30-Day Sales Stats Show Bitcoin’s Ordinal Inscriptions Have Bolstered NFT Market

Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy. Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format.

The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. Notably, the market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.

What are your thoughts on Bitcoin’s surge in Ordinal inscriptions and its impact on the NFT market? Share your insights and opinions in the comments section below.



from Bitcoin News https://ift.tt/biU7qI8
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more