Bitcoin Ordinals Still Dominating Blockchain Transaction Volume

Bitcoin Ordinals Still Dominating Blockchain Transactions, Despite Speculation

There has been negative speculation about the health of the Bitcoin Ordinals market, but developer and self-declared ‘Ordfluencer’ Leonidas NFT took to Twitter to highlight that the Ordinals still dominate the blockchain transaction volume. He revealed that out of the 530,788 Bitcoin transactions in the past 24 hours, 450,785 were Ordinals related. This means that Ordinals continue to make up 84.9% of Bitcoin’s daily activity.

Main breakdowns:

Bitcoin transactions related to Ordinals account for the majority of activity, despite suggestions that Ordinals are no longer popular.
According to Dune Analytics figures, there were over 307,000 inscriptions created on the Bitcoin network on August 21, bringing the total inscriptions to almost 26 million.
Daily Bitcoin transactions remain above 500,000 and a significant fraction of these can be linked to Ordinals.
The Bitcoin Ordinals market has faced challenges, with trade volume and transaction count down by over 97% since its peak in May 2023.
Despite the slowdown, OKX Wallet has announced support for Bitcoin Ordinals minting on mobile platforms.

The broader NFT market has also experienced a slowdown, with sales and transactions in the Bitcoin Ordinals market dropping significantly. However, it is important to consider the overall market dynamics and the low involvement of active wallets in NFT trading. Despite the challenges, OKX Wallet remains committed to supporting the Bitcoin ecosystem through its support for Ordinals minting.

Hot Take

While there may be concerns about the health of the Bitcoin Ordinals market, the dominance of Ordinals in Bitcoin transactions suggests that they are still highly relevant and popular. The overall slowdown in the NFT market could be attributed to various factors, and it’s important to consider the bigger picture. With support for Ordinals minting on mobile platforms, OKX Wallet is showing its commitment to the Bitcoin ecosystem and the future potential of Ordinals.