Bitcoin Sets New Record with Over 703,000 Transactions in a Day
On September 15, 2023, the Bitcoin blockchain achieved a historic milestone by processing the highest number of transactions in a single day. A total of 703,692 transactions were confirmed by miners, surpassing the previous record of 682,281 transactions set on May 1, 2023.
Ordinal Transactions Take the Lead
An interesting fact about this record-breaking day is that ordinal transactions accounted for an impressive 62.63% of the overall activity. Data from Dune Analytics reveals that 440,760 inscriptions were authenticated on September 15, surpassing the previous record set on July 30, 2023.
A Growing Number of Ordinals
The current block height stands at 808,443, with approximately 33,355,450 ordinals minted on the blockchain. It is worth noting that Bitcoin miners have earned a substantial amount of BTC from these inscriptions since December 2022, accumulating a total of 2,068 BTC valued at $55 million.
Momentum Continues
The momentum in inscriptions shows no signs of slowing down. On September 16 and 17, the blockchain processed over 380,000 inscriptions each day. September 18 saw approximately 402,535 inscriptions. As of today, Tuesday, there have already been 175,126 confirmed transactions.
Inscriptions Dominate Traditional Financial Transactions
These statistics highlight the increasing dominance of inscriptions over traditional financial transactions as they compete for block space. Currently, there is a backlog of around 481,574 unconfirmed transactions on the Bitcoin blockchain.
Hot Take: Bitcoin Transaction Volume Reaches New Heights
The Bitcoin blockchain has reached a new milestone with over 703,000 transactions processed in a single day. This record-breaking achievement showcases the scalability and efficiency of the Bitcoin network. With inscriptions accounting for a significant portion of the transactions, it is evident that Bitcoin’s role as a digital currency and store of value is growing stronger. As the demand for Bitcoin continues to rise, it will be interesting to see how the network handles the increasing transaction volume and maintains its position as the leading cryptocurrency.
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.
