Connect with us
Active Currencies 11380
Market Cap $1,653,152,899,915.60
Bitcoin Share 50.16%
24h Market Cap Change $-2.99

Bitcoin Ordinals’ volume impresses despite these hurdles. Assessing…

3min Read

The speculation about the demise of Bitcoin Ordinals was definitively addressed over the weekend as Inscription numbers surged to a record high.

Unveiling the continuing impact of Bitcoin Ordinals despite reduced activities

Share this article



  • Bitcoin Ordinals Inscriptions recently spiked to one of its highest volumes.
  • Ordinals’ impact on Bitcoin fees has, however, decreased over time.

Bitcoin Ordinals initially gained significant attention, but its value gradually decreased. Thus, leading many to believe it might have become obsolete. Nonetheless, recent developments have proven that it’s still very active and relevant. However, its influence on a specific metric has diminished.


Read Bitcoin’s [BTC] Price Prediction 2023-24


Daily Bitcoin Ordinals spikes

In a recent update by Leonidas, he stated that it was clear that the era of Bitcoin Ordinals was still ongoing, even in light of the recent reduction in transaction pace. The post revealed that out of a total of 530,000 transactions that occurred on the Bitcoin network, an impressive 450,000 were identified as Ordinals transactions. 


Additionally, data from Dune Analytics highlighted a sudden surge in daily Inscriptions following a period of sluggish activity. Specifically, on 20 August, the daily inscriptions skyrocketed to an impressive 411,000, marking one of the highest daily transaction volumes recorded.


This data prompts the question: How does this compare to the total number of transactions on the Bitcoin network, as asserted by Leonidas?

Bitcoin Ordinals daily inscriptions

Source: Dune Analytics

Impact of Ordinals on Bitcoin Transactions

Based on data from Blockchain.com, the total count of Bitcoin transactions exceeded 600,000 on 20 August, reaching a figure of 612,461 transactions. Looking at the Dune Analytics chart with this, the total number of Inscriptions observed on the same date surpassed 411,000. 

Bitcoin daily transactions

Source: Blockchain.com

Furthermore, this observation pointed to the fact that it contributed to more than half of the transactions that occurred on the Bitcoin network that day. This data underscored the substantial influence of Ordinals.

It also highlighted that its impact on the Bitcoin network remained significant and hasn’t completely diminished. However, it is important to note that this influence doesn’t seem to be mirrored in terms of the fees charged on the network.

Impact on fees reduced

In addition to increasing the transaction volume on the Bitcoin network, Ordinals also introduced transaction fees as another significant aspect. At its peak, Ordinals contributed more than 200 BTC in daily fees, equivalent to approximately $7 million. However, the momentum behind these daily fees subsided, and even the recent surge had minimal impact. 

According to the data illustrated in the Dune Analytics chart, the recorded daily fees on 20 August were approximately 3.47 BTC, which equated to around $100,000. On the same day, the total fees across the network, as reported by Crypto Fees, surpassed $390,000. As of this writing, the cumulative fees were now below 1 BTC. 


– How much are 1,10,100 BTCs worth today


The influence of Bitcoin Ordinals appears to be diminishing, as evidenced by its decreasing contribution to daily fees. However, it’s important to note that this decline doesn’t signify its demise; rather, it highlights that the impact of Bitcoin Ordinals persists, albeit in a reduced capacity.

 


Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.