Bitcoin

<h2 id="quick-take">Quick Take</h2>
<p>This week saw an unexpected upsurge in the Bitcoin mempool transaction count. The increase has been primarily driven by a new wave of Inscriptions, which has pushed the 7-day moving average transaction count above 70,000.</p>
<figure id="attachment_371755" aria-describedby="caption-attachment-371755" style="width: 100%" class="wp-caption aligncenter">
 <figcaption id="caption-attachment-371755" class="wp-caption-text">
  Graph showing the 7-day moving average mempool transaction count from November 2022 to November 2023 (Source: Glassnode)
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</figure>
<p>Upon further examination, it is evident that the surge in inscriptions has been significant. On Nov. 6 alone, over 400,000 new Inscriptions were recorded. This magnitude of activity parallels the frenzy observed during the <a href="https://cryptoslate.com/insights/bitcoin-sees-the-second-highest-number-of-new-inscriptions-per-day/" rel="noopener noreferrer nofollow">peak mania</a> phase of Inscriptions. A detailed analysis indicates that substantial daily increases in inscriptions are rare. There have only been a few occasions where the number of new inscriptions exceeded 400,000 in a single day in 2023.</p>
<figure id="attachment_371753" aria-describedby="caption-attachment-371753" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-371753 size-full" style="color: #383838;" src="https://cryptoslate.com/wp-content/uploads/2023/11/inscriptions.png" alt="Inscriptions New Count: (Source: Glassnode)" width="962" height="485" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/inscriptions.png 962w, https://cryptoslate.com/wp-content/uploads/2023/11/inscriptions-300x151.png 300w, https://cryptoslate.com/wp-content/uploads/2023/11/inscriptions-768x387.png 768w" sizes="(max-width: 962px) 100vw, 962px">
 <figcaption id="caption-attachment-371753" class="wp-caption-text">
  Graph showing the count of new Inscriptions in 2023 (Source: <a href="https://studio.glassnode.com/dashboards/btc-ordinals-inscriptions" rel="noopener noreferrer nofollow">Glassnode</a>)
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<p>Furthermore, a low transaction value trend is visible on the mempool. Transactions valued at around $0.19 usually indicate Inscriptions and are increasingly populating the mempool.</p>
<figure style="width: 100%" class="wp-caption aligncenter"><img src="https://pbs.twimg.com/media/F-TG-ICbQAAwXOb?format=jpg&amp;name=medium" alt="Mempool Transactions: (Source: Mempool)" width="1128" height="854">
 <figcaption class="wp-caption-text">
  Table showing the average transaction value on the Bitcoin network on Nov. 7 (Source: <a href="https://mempool.space/" rel="noopener noreferrer nofollow">Mempool</a>)
 </figcaption>
</figure>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/inscriptions-cause-sudden-surge-in-bitcoin-mempool-transactions/">Inscriptions cause sudden surge in Bitcoin mempool transactions</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Inscriptions cause sudden surge in Bitcoin mempool transactions

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