Bitcoin

<ul><li>Bitcoin&#39;s recent price surge has led to increased network activity, with a significant focus on Ordinals, a novel NFT concept.</li><li>Over a million digital artifacts were created using Bitcoin Ordinals in just 200 days despite the bear market.</li><li>Interest in Bitcoin ETFs is also rising, potentially influencing BTC prices as investment strategies evolve.</li></ul>The Bitcoin network has recently <a href="https://cryptotale.org/bitcoin-btc-nears-critical-support-as-stock-markets-surge-by-739-billion/" rel="noopener noreferrer nofollow">witnessed</a> a notable uptrend, not just in its market value but also in its overall ecosystem dynamics. This resurgence in activity is predominantly attributed to the growing popularity of Bitcoin Ordinals. These unique non-fungible tokens (NFTs), introduced by developer Casey Rodarmor, attach digital content to individual satoshis, the smallest Bitcoin unit.The concept of Ordinals, although <a href="https://twitter.com/glxyresearch/status/1725278021785899449?ref_src&#61;twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1725278021785899449%7Ctwgr%5E9ab97ff414df2862d26e2dd5da244596ea9f5093%7Ctwcon%5Es1_&amp;ref_url&#61;https%3A%2F%2Feng.ambcrypto.com%2Fbitcoin-heres-how-interest-in-ordinals-touched-new-highs%2F" rel="noopener noreferrer nofollow">introduced </a>during a bearish phase in the cryptocurrency market, has quickly gained traction. Over 1.14 million digital items have been minted in less than a year through this innovative method. This surge in interest is reflected in the network&#39;s transaction fees, where fees from Bitcoin Inscriptions have recently surpassed 2,500 BTC, as per data from Galaxy Research. Interestingly, a large portion of these fees, over 80%, is attributed to BRC-20 text inscriptions.While Ordinals have <a href="https://twitter.com/1Ordinals/status/1664729169429778433" rel="noopener noreferrer nofollow">formed </a>a significant 46% of the Bitcoin network&#39;s transactions, their contribution to transaction fees has fluctuated, decreasing from 30% to a current 12%. Despite not commanding the highest fees, the influx of Ordinals transactions has led to a notable backlog in the Bitcoin mempool since April 22, 2023. This has been the longest stretch of uncleared transactions since the early months of 2021, indicating a heightened level of network usage.In the first half of 2023, Bitcoin miners <a href="https://www.galaxy.com/insights/research/bitcoin-inscriptions-and-ordinals/#:~:text&#61;In%20the%20first%20half%20of,20%25%20of%20total%20miner%20revenue." rel="noopener noreferrer nofollow">accumulated</a> 8,684 BTC in fees, with inscription transactions contributing a notable 20%. This demonstrates Ordinals&#39; significant role in the Bitcoin ecosystem, bringing in new ideas and users even amidst challenging financial markets. At the time of writing, the BTC token is trading at <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">$36,375,</a> with a slight decrease of 2.22% in the past 24 hours.Read full article at<a href="https://cryptotale.org/bitcoin-ordinals-surge-in-popularity-as-network-activity-increases/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Bitcoin Ordinals Surge in Popularity as Network Activity Increases

CryptoTale

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