Bitcoin Sees Second-Busiest Day Amidst Surging Market Value
Bitcoin experienced its second most active day for transactions on December 3, 2023, as its value surged past the $40K mark. This follows a record-setting day on November 19, 2023, when miners validated 710,579 transactions. On December 3, bitcoin miners confirmed a total of 707,876 transactions within a 24-hour period.
Continued High Transaction Volume
The leading digital currency has seen a consistent high volume of transactions as the year comes to an end. Just over two weeks prior to the December surge, miners processed a record-breaking 710,579 transactions in a single day. Another notable peak occurred on September 15, 2023, with bitcoin miners confirming 703,692 transactions.
New Benchmark Set in December
Surpassing the previous second-largest day for transactions, December 3, 2023, set a new benchmark with 707,876 transfers. This pushed the September 15 record to the third-highest daily transfers ever recorded on the Bitcoin blockchain. The surge in transactions is primarily attributed to the increasing volume of Ordinal inscriptions occupying block space.
Rise in Inscriptions
Despite the new Ocean pool not mining inscriptions, a significant portion of the hashrate is actively confirming such transactions. Data from Dune Analytics on December 3, 2023, showed that 482,172 inscriptions were created, accounting for the majority of the day’s transactions. This makes it the second-largest day for inscription mints, with 68.11% of the transfers being inscriptions and the remaining 31.89% being financial transactions.
Backlog of Unconfirmed Transactions
The influx of transactions has resulted in a backlog of unconfirmed transactions in the mempool. Currently, over 219,000 transfers are awaiting miner confirmation, and 319 blocks or 564 megabytes of block space need to be processed to alleviate this backlog. High-priority onchain fees are priced at $6.81 per transfer, while low-priority transactions cost approximately $1.28 per transfer.
Hot Take: Bitcoin Transactions Hit New High as Market Soars
Bitcoin hit a new milestone on December 3, 2023, as it recorded its second most active day for transactions. This surge comes as the cryptocurrency’s value soared past $40K. There has been a consistent high volume of transactions, with several record-breaking days in recent months. The surge in transaction activity is fueled by the increasing number of inscription mints, making it a historic moment for the Bitcoin blockchain. However, this has led to a backlog of unconfirmed transactions, highlighting the need for efficient processing. With Bitcoin’s market value continuing to rise, transaction volumes are likely to remain high, shaping the future of the cryptocurrency.
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