Bitcoin Ordinals Surpass Previous Peak Among BRC-20 Fever
Bitcoin Ordinals and Inscriptions have reached record highs on the back of the protocol’s recently introduced BRC-20 token standard.
According to Dune Analytics, Bitcoin Ordinals reached an all-time high of 72,328 daily inscriptions on April 2nd, surpassing the previous record of 31,692 set on March 9th.
Bitcoin Ordinals Inscriptions Reach New Highs
Inscriptions on Bitcoin Ordinals so far have reached 773,752. Dune Analytics revealed that Ordinals fees of 155 BTC have been paid to date.
Bitcoin ordinal inscriptions and non-fungible tokens are both types of digital goods. A Satoshi, the smallest value of Bitcoin, can store an inscription in the form of text, audio and images, among other formats.
Bitcoin Ordinals hit a new milestone of 72,328 daily inscriptions on April 2nd. This marks a significant increase from the previous record of 31,692 daily inscriptions set on March 9. However, daily fees on both days were below the high of 13.39 BTC on March 24.
As of March 1, the number of daily inscriptions stood at 24,825, with recent figures indicating a notable increase in network activity.
The role of BRC-20 in Spike
On March 8, the BRC-20 token was launched as a fungible token on the Bitcoin base chain. Unlike traditional token standards such as those on Ethereum, the BRC-20 token does not use smart contracts to manage the token and its rules. Instead, it stores a script file on the Bitcoin network, which allows token transactions between users.
The creator called it a “fun experimental standard” to show how to create off-chain equilibrium states with inscriptions.
Almost a month after its debut, BRC-20 significantly improves network activity, according to NFT collector Leonidas. He stated that the developers created tools to make interacting with the BRC-20 easier in the last month. That’s why he too observed the importance of the UI for spiking Ordinals inscribed on Bitcoin.
Pseudonymous analyst at the chain Dome is the developer behind the BRC-20 token, short for “Bitcoin Request for Comment.”
Data from BRC-20.io reveals that 38,715 tokens were minted in the last 24 hours. Since its inception, the full list of BRC-20 tokens has climbed to 1,650.
Among the BRC-20 tokens currently on the market, ordi, punk, and pepe have respective market caps of $2.1 million, $900,000, and $2.5 million. Unisat.io estimates that ordi has 3,500 subscribers, while punk and pepe cumulatively have close to 4,800 subscribers.
At the time of writing, Ordinal’s marketplaces passed $17 million in volume with 43,887 trades, according to Domo’s Dune dashboard.
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