Ordinal’s Falling Figures
The trend of Bitcoin-based Ordinal inscriptions has significantly declined since September 25, 2023, reaching its lowest levels since mid-April. Over October 3 and 4, less than 17,000 inscriptions were recorded on the Bitcoin blockchain, indicating a decline in both inscription volume and associated fees.
Bitcoin’s NFT Sales Decline and the BRC20 Market
With over 35 million Ordinal inscriptions currently on record, the surge in inscriptions is showing signs of slowing down. The daily registration of inscriptions has dropped to levels similar to those before April 20, 2023, when only 8,844 inscriptions were made.
The landscape shifted dramatically just ten days later. Miners are now receiving fewer fees for processing inscription transactions, having earned approximately 2,120.92 BTC (equivalent to around $59 million) thus far. The majority (52.6%) of these inscriptions are categorized as “text/plain; charset=UTF-8”, with a count of approximately 18.54 million.
Ordinal inscription sales have experienced a notable dip since June. Bitcoin currently holds the eighth position in non-fungible token (NFT) sales. Over the past week, Bitcoin-centric NFT sales totaled $926,023, which is a significant decrease of 58% from the previous week.
The BRC20 Market
On the other hand, the BRC20 token market has seen a modest uptick of about 3% this week, reaching a value of $180.31 million. However, BRC20 tokens have lost 0.6% in the last 24 hours. The ORDI token currently has the highest market cap at $71 million, followed by DFUK at $46 million, and MOON at $23 million.
It’s important to note that ORDI has experienced an 87.81% decrease from its peak on May 8, 2023, while MOON has dipped by 71.20%. In the last day, BRC20 tokens have seen approximately $9.2 million in global trading activity.
Hot Take: Bitcoin-based Ordinal Inscriptions Decline to Lowest Levels Since Mid-April
The trend of Bitcoin-based Ordinal inscriptions has significantly declined since September 25, 2023, reaching its lowest levels since mid-April. This decline is evident in both the volume of inscriptions and associated fees. While this may be a breather for bitcoin miners who can now tackle the backlog of transactions accumulated over the past few months, it also indicates a slowdown in the inscription surge we’ve been witnessing. Additionally, Bitcoin’s NFT sales have declined, with a notable drop in sales since June. On the other hand, the BRC20 token market has seen a modest uptick this week. Overall, these trends suggest shifts in the crypto market landscape.
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