Bitcoin Records Second-Highest Daily Transaction Volume as Transactions Approach 30 Million

Bitcoin Records Second-Highest Daily Transaction Volume as Transactions Approach 30 Million


Bitcoin’s Ordinal Inscriptions Reach Second- Largest Daily Total

By 10 a.m. Eastern Time on September 7, 2023, the Bitcoin (BTC) blockchain has accumulated approximately 29.48 Million ordinal inscriptions at block height 806,606. These inscriptions have rewarded Bitcoin (BTC) miners with an estimated 1,976.62 BTC, equivalent to $50.85 Million based on current exchange rates. The pace of daily inscriptions remains rapid, with September 3 witnessing the second-highest number of 418,240.

Continued Growth and Format Diversity

The peak number of ordinal inscriptions took place on July 30, 2023, with the third-highest daily rate observed on August 20, 2023. With the present trajectory, the number of ordinal inscriptions on the Bitcoin chain is expected to surpass 30 Million this weekend. Out of the nearly 30 Million inscriptions, 17.53 Million are in the “text/plain;charset=utf-8” format, while 10.17 Million are in “text/plain.” The remaining inscriptions include numerous formats like image files, videos, GIFs, and software applications.

Impressive Figures and Marketplace Activity

The inscriptions per block maintain consistently high numbers, as indicated by data from Dune Analytics. As of September 3, recursive inscriptions account for approximately 148,568, adding versatility and unpredictability to the inscriptions. The Ordinal marketplace has seen sales totaling $308.49 Million so far, with 714,913 trades involving 177,573 unique users on platforms like Okx, Unisat, Magic Eden, Gamma, Open Ordex, Ordinals Wallet, Ordswap, and Ordinals Market. Between these platforms, Okx, Unisat, and Magic Eden have the highest volumes.

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Hot Take

Bitcoin’s continued growth in ordinal inscriptions and marketplace activity outlines its prominence in the cryptocurrency world. The diversity of inscription formats and the inclusion of recursive inscriptions add complexity and excitement to the ecological system. As the total volume of Bitcoin (BTC) transactions reaches $539.71 Million, it’s clear that Bitcoin (BTC) remains a whole lot of player in the ever-evolving cryptocurrency landscape.

Author – Contributor at | Website

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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