Bitcoin Blockchain Hits Milestone with 40 Million Ordinal Inscriptions
The Bitcoin blockchain has reached a new milestone, with over 40 million Ordinal inscriptions recorded. On November 12, 2023, the blockchain saw a record-breaking 505,345 inscriptions created in a single day, driving Bitcoin to its second-biggest transaction day in history. This surge in activity has propelled Bitcoin to new heights, marking a significant achievement for the cryptocurrency.
Record-Breaking Inscription Mint Drives Bitcoin to Second-Biggest Transaction Day
After a quiet period since mid-September, Ordinal inscriptions experienced a significant revival on Sunday, November 12, 2023. The Bitcoin network witnessed a historic 505,345 inscriptions being minted in a single day, the largest number since the inception of Ordinals in December 2022. This spike in inscriptions also elevated Bitcoin’s daily transaction rate to 703,327 confirmed transactions over a 24-hour period.
This volume is second only to the record set on September 15, 2023 when miners validated slightly more transactions. The inscription record coupled with the transaction rate indicates that inscriptions accounted for over 70% of yesterday’s block space. Transaction fees for high-priority actions have fallen, yet the mempool remains congested with over 200,000 unconfirmed transactions.
Bitcoin Inscription Token Surges
Following this milestone day, Ordinal inscriptions continued to hit new benchmarks, surpassing the 40 million mark. Miners have collected over $90 million for their role in confirming inscriptions. The tradable inscription token ORDI coin has soared by 545% against the U.S. dollar and now holds a market value of $434 million. Additionally, Bitcoin’s NFT sales have jumped by 246% over the previous seven days.
Hot Take: Bitcoin Blockchain Achieves New Heights with Record-Breaking Inscriptions
The surge in Ordinal inscriptions and transaction rates has propelled Bitcoin to new heights, marking a significant milestone for the cryptocurrency. The record-breaking activity demonstrates the increasing demand and utility of Bitcoin as it continues to gain momentum within the crypto market.
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