Bitcoin transactions hit record high with ordinals
Bitcoin’s seven-day average daily transactions hit a record high yesterday for the first time since December 2017.
According to IntoTheBlock data, the average number of daily transactions during the week starting April 24 was 396,350.
Bitcoin transactions peaked
According to the blockchain research firm, the increased numbers suggested an increasing active use of the blockchain network.
Another blockchain data aggregator Glassnode reported that the Bitcoin network’s 7-day moving average transactions reached 426,337.14 on April 29 – crypto reporter Wu Blockchain tie this increase to the growing demand for inscriptions.
Ordinal Inscriptions Cross 2.5 Million
According to Dune analytics data, the number of Bitcoin subscriptions is now more than 2.5 million – and reached an all-time daily subscription high of 223,311 on April 29.
Ordinals inscriptions are similar to NFTs that can be written in the smallest denomination of a Bitcoin, the Satoshi. Earlier this week, BeInCrypto reported that these inscriptions had increased sharply after a decrease recorded earlier in the month.
Through processing Ordinal transactions, BTC miners have earned 217.83 BTC in fees, according to Dune analytics data. Since its launch in late 2022, Bitcoin NFTs have become increasingly popular, with demand for inscriptions dominating transactions.
Shades of gray say ordinals are positive for the Bitcoin Network
A recent report from Grayscale said that Ordinals had brought more attention to Bitcoin, which could help its reputation and perception. The asset manager noted that “Ordinals represent one of the larger opportunities for Bitcoin adoption.” It added:
“While legitimate concerns exist, we believe that ordinals have the potential to positively impact the Bitcoin network in the long term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community.”
In February, a Matixport survey said the NFTs could help push Stacks, a BTC layer2 network, into a billion-dollar token. Since then, STX’s market cap has passed $1 billion before falling to today’s $993.38 million.
Meanwhile, some Bitcoin maxis believe that Ordinals are a waste of block space because they make transactions more expensive for ordinary users. According to them, the BTC network should only be used for payments.
Bitcoin maintains $29,000
BTC continued to trade above $29,000 despite a mild decline of 0.2% over the past 24 hours, according to BeInCrypto.
Earlier this week, the flagship digital asset fell to around $27,000 after rumors surfaced that the US government was selling some of its BTC holdings.
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