Bitcoin

Ordinals have propelled <a href="https://blockchainreporter.net/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> to process more transactions in a day than ever before in its 14-year existence. On Sunday, the daily count of Bitcoin transactions skyrocketed to over 568,300, surpassing its prior peak during the height of the 2017 bull market by almost 78,000 transactions.Of the total transactions, more than 307,000 were Ordinals, marking a new single-day high and representing a 16% increase from the previous record set just the day before, according to data from the Dune dashboard. This implies that Ordinals made up roughly 54% of Bitcoin’s overall daily transaction count during its historical high.<h2 id="header-0">The Role of Ordinals in Bitcoin Transactions</h2>Ordinals made their debut in January and enable the attachment, or “inscription,” of data such as audio, art, and video games to individual satoshis, which represent BTC’s smallest unit. This creates a distinct digital asset similar to an <a href="https://blockchainreporter.net/nft/" rel="noopener noreferrer nofollow">NFT</a> based on <a href="https://blockchainreporter.net/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>. However, unlike NFTs, the associated data is entirely stored on the Bitcoin <a href="https://blockchainreporter.net/how-can-features-of-blockchain-support-sustainability-efforts/" rel="noopener noreferrer nofollow">blockchain</a> rather than being hosted externally, as is commonly seen.According to Glassnode, over 2.39 million Ordinals have been inscribed so far, and the company has observed a significant change in the character of Bitcoin mempools this year. (Bitcoin mempools are where unconfirmed Bitcoin transactions are stored.)Apart from Ordinals, Glassnode reports that the majority of Bitcoin transactions at present are financially motivated, frequently instigated by cryptocurrency exchanges. It is worth noting that Inscriptions make up roughly 30% to 40% of processed transactions and 10% to 20% of the fees paid, according to <a href="https://glassnode.com/" rel="noopener noreferrer nofollow">Glassnode</a>.The record-breaking surge in Bitcoin transactions, particularly those involving Ordinals, underscores the growing popularity of blockchain-based assets as a means of transacting and storing value. As more and more users embrace this technology, we can expect to see continued growth in the use of Bitcoin and other cryptocurrencies as viable alternatives to traditional financial systems.Furthermore, the surge in financial transactions, particularly those originating from crypto exchanges, also indicates a growing mainstream acceptance of cryptocurrencies as a legitimate asset class, further boosting the overall growth and <a href="https://blockchainreporter.net/adoption/" rel="noopener noreferrer nofollow">adoption</a> of the <a href="https://blockchainreporter.net/glossary/digital-asset-ecosystem/" rel="noopener noreferrer nofollow">cryptocurrency ecosystem</a>.

Bitcoin Sets New Record for Transactions Processed in a Single Day

Table of Contents

BlockchainReporter

Other articles published on May 1, 2023

Beefing up the food supply chain transparency

Blur Rolls Out P2P NFT Lending Protocol Blend

Friends and FOMO pushed newbie investors to buy crypto in 2022 — Survey

Coinweb Event: An Evening with the Bangkok Community

Justin Sun Transfers $56.4M TUSD to Binance, CZ Warns Whales Over Misuse of SUI Airdrop

Cryptocurrency Transfers Coming to Venmo Users in May

Join our free newsletter for daily crypto updates!