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BTC unconfirmed transactions surge as Ordinals thrive. Decoding…

2min Read

Bitcoin faces a wave of unconfirmed transactions while Ordinals thrive. How does this resurgence impact network fees?

Bitcoin unconfirmed transactions surge as Ordinals sees resurgence

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  • Data from Mempool showed over 560,000 unconfirmed Bitcoin transactions.
  • Bitcoin fees climbed to its highest in nearly a month.

Bitcoin inscription is not a fading trend, as indicated by recent Mempool data. Additionally, Ordinals recently experienced a resurgence in activity. However, has this uptick in network transactions affected the associated fees?


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


Unconfirmed transactions pile on Bitcoin

Recent data from Mempool indicated that Bitcoin, at press time, was grappling with more than 500,000 unconfirmed transactions. At the time of this report, the number surged to approximately 568,000.

Additionally, the memory usage exceeded its typical 300 MB capacity, reaching 1 GB. This sudden surge in unconfirmed transactions and increased memory usage could be attributed to the renewed upward trend in Ordinals inscriptions.

Bitcoin Ordinals resurges

According to data from Dune Analytics, Bitcoin Ordinals inscriptions have been consistently on the rise. The data indicated that the total inscriptions have surpassed 29.3 million as of the latest update. Furthermore, the chart revealed that September saw the second-highest daily inscriptions, with over 418,000 recorded. As of this writing, however, the daily inscriptions have tapered to around 240,000.

Additionally, there has been a modest uptick in the fees generated by Bitcoin Ordinals inscriptions recently. Although the fee trend had been relatively stagnant over time, the cumulative fees collected to date were over $50.8 million. But the key question remains: Has this recent development had any noticeable impact on the overall fee trend within the network?

Impact on fees

According to data from Crypto Fees, Bitcoin had the second-highest daily and weekly fees among all other chains as of this writing. The daily fees had surged to over $777,000, while the weekly fees had reached over $638,000.

A closer examination of Bitcoin’s fee analysis revealed that the current daily fee was the highest the network had seen in nearly a month. The last time it reached a level beyond its current fee was on 8 August, when fees exceeded $800,000. 

Bitcoin fees

Source: Crypto Fees


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


However, it’s essential to note that despite this recent uptrend, fees remained relatively low compared to earlier in the year. Furthermore, while daily Ordinals inscriptions continued to witness significant activities, their impact on fees has notably diminished over time.

 

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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.
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