Bitcoin’s Collapse: Ordinals Still Dominating BTC Transactions
Despite Bitcoin’s recent drop below $26k, Ordinals, the fundamental units of Bitcoin similar to NFTs, continue to make up a significant portion of BTC transactions. According to Ordinals developer “Leonidas,” 450,785 out of 530,788 Bitcoin transactions in the past day were related to Ordinals, accounting for 84.9% of the activity on Bitcoin.
Main Breakdowns:
- 450,785 out of 530,788 Bitcoin transactions in the past 24 hours were Ordinals related.
- Dune Analytics supports this trend, reporting over 400k ordinal inscriptions on August 20.
- Crypto influencer Udi Wertheimer confirms that Ordinals are the primary use case of the Bitcoin chain.
- More than 25 million inscriptions of Bitcoin have been reported, with recursive inscriptions accounting for 140,000.
- Bitcoin’s price has dropped by 0.65% in the last 24 hours, currently standing below $26k.
Despite some claiming that Ordinals are dead, the data shows that they are still a dominant force in Bitcoin transactions. This supports the argument that Ordinals are the primary use case of the Bitcoin chain, as stated by Udi Wertheimer. The high number of inscriptions and the use of recursive inscriptions further demonstrate the popularity and utility of Ordinals. However, the recent price drop of Bitcoin indicates a bearish trend, and the price must reach $31.7k to signal a bullish reversal.
Hot Take:
Ordinals continue to thrive in the world of Bitcoin, debunking claims of their demise. As the main use case of the Bitcoin chain, Ordinals play a crucial role in its transaction activity. Despite market fluctuations, the demand for Ordinals remains strong, highlighting their significance in the crypto space.
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