Bitcoin

April

Daily

The Bitcoin ordinal inscription craze is back, and network transactions are surging as a result. On May 1, on-chain analytics provider Glassnode reported that daily transactions were approaching peak levels.
The 30-day moving average for the metric had reached 348,700 daily transactions. Furthermore, the peak level was measured in 2017 when it reached 379,000 transactions per day on average.
However, these figures are taken from moving averages. According to Blockchain.com, the actual daily transaction count spiked to 426,814 on April 30. It has increased by more than 70% since the beginning of the year.
<blockquote class="twitter-tweet">
<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">#Bitcoin</a> daily transaction counts are approaching All-time-highs, seeing an explosive uptick in 2023.
With the emergence of Inscriptions, analysts now need to assess how much of this is driven by Inscriptions vs monetary transfers.
A quick <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9f5.png" alt="🧵" class="wp-smiley" style="height: 1em; max-height: 1em;" /> to explore<a href="https://t.co/Kor7czbjda" data-wpel-link="external" target="_blank">https://t.co/Kor7czbjda</a> <a href="https://t.co/v1cnr5GmZZ" data-wpel-link="external" target="_blank">pic.twitter.com/v1cnr5GmZZ</a>
— glassnode (@glassnode) <a href="https://twitter.com/glassnode/status/1652804146263883776?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank">April 30, 2023</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="ordinal-inscription-revival">Ordinal Inscription Revival</h2>
The spike in network transactions has been attributed to ordinal inscriptions. According to Glassnode, inscriptions represent approximately 30% to 40% of mined transactions and 10% to 20% of fees paid.
The remaining majority are monetary transactions, often via exchanges, it added. “BTC exchange activity is, however, relatively low, accounting for ~30% of fees and transactions,” it noted.
Bitcoin ordinal inscriptions are crypto assets similar to non-fungible tokens (<a href="https://cryptopotato.com/capitulation-nft-trading-volumes-and-prices-plummet-in-the-last-30-days/" data-wpel-link="internal">NFTs</a>), which can be inscribed into one Satoshi. The Bitcoin SegWit and Taproot updates enabled ordinal users to add 3MB of data to each block from the original constraint of 1MB per block.
The inscription craze originally took off in February when users began inscribing NFTs to satoshis, the recent revival has been dominated by text-based inscriptions, however.
Glassnode concluded:
<blockquote>“Bitcoin transaction counts, address activity, Inscriptions, and Mempool congestion are all elevated. As is the degree of HODLing, and supply acquired below $30k. Conviction remains.”</blockquote>
In late April, crypto asset manager Grayscale also reported on the ordinals craze. It <a href="https://grayscale.com/can-ordinals-unlock-new-potential-for-bitcoin/" target="_blank" rel="noopener" data-wpel-link="external">noted</a> that the “unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain.”
<h2 id="bitcoin-price-outlook">Bitcoin Price Outlook</h2>
Bitcoin prices have started to decline from their <a href="https://cryptopotato.com/bitcoin-extends-dominance-over-alts-as-btc-stable-above-29k-market-watch/" data-wpel-link="internal">weekend plateau</a> of around $29,300. As the Monday morning Asian trading session commenced, BTC fell a couple of percent to an intraday low of $28,300, according to CoinGecko.
The asset has fallen to its lowest price since last Thursday’s <a href="https://cryptopotato.com/bitcoin-bounces-back-5-from-false-alarm-panic-dump/" data-wpel-link="internal">panic sell-off</a>. Further losses could result in a fall to support just over the $28,000 level.
BTC remains down 58% from its peak price levels in November 2021, and the correction could well deepen before there is any transition to a bull cycle.
The post <a href="https://cryptopotato.com/bitcoin-daily-transaction-count-nears-all-time-high-on-ordinals-revival/" rel="nofollow">Bitcoin Daily Transaction Count Nears All-Time High on Ordinals Revival</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Bitcoin Daily Transaction Count Nears All-Time High on Ordinals Revival

目次

CryptoPotato_News

2023年5月1日公開の他の記事

Beefing up the food supply chain transparency

Better Fan Monthly Recap: April 2023

Investors Begin Diversifying With Sparklo (SPRK) After Polygon (MATIC) and Polkadot (DOT) Decreased

Binance CEO Slams TRON Founder Justin Sun, Warns of Consequences for Sui Token Grab Attempts

Shiba Inu Price Analysis 01/05: Bears Dominate as SHIB Falls; Oversold Conditions Suggest Rebound

Kigali's Growing Interest in Cryptocurrencies Showcased at Binance Meetup.

ニュースレターを購読して暗号資産の最新情報を毎日入手！