Bitcoin’s Ordinal Inscriptions Surge to Second-Highest Daily Count, Causing BTC Transaction Spike

MARKET_WATCH NFT

As September 2023 waned, there was a noticeable dip in the creation of Ordinal inscriptions, but as the month of October closed, a significant rebound occurred. 

 

This upward trend peaked on November 4, 2023, when the Bitcoin blockchain recorded the second-highest daily total of Ordinal inscriptions minted within a single day. 

 

Second-Highest Bitcoin Inscriptions Recorded, Catalyzing Transaction Frenzy and Mempool Backlog 

 

On the morning of November 5, 2023, at block height 815,455, the Bitcoin blockchain boasted a tally of approximately 37,868,190 Ordinal inscriptions. This follows a trailblazing day on September 15, 2023, when the blockchain hit a record-setting stride with 440,760 inscriptions in 24 hours. 

 

Yet, it was November 4, 2023, that clinched the title for the second-highest one-day total, with 433,471 new inscriptions, surpassing the previous runner-up day of July 30, 2023, which had 422,164. This uptick in inscriptions on November 4 not only marked a significant day for Ordinal inscriptions but also sent the Bitcoin transaction activity soaring, making it the second-busiest day in Bitcoin’s history for overall transactions. 

 

The record for the most BTC transactions verified in a single day was set on September 15, 2023, with miners confirming 703,692 transactions. On November 4, 698,917 transactions were verified and added to the blockchain, a figure that eclipsed the previous high of 682,281 transactions on May 1, 2023. 

 

Looking back about 106 days, from the debut of inscriptions in December 2022 to July 22, 2023, bitcoin miners had accumulated 1,847 BTC in transaction fees from inscriptions. As of today, that sum has increased to 2,201 BTC, indicating that from inscriptions alone, miners have raked in an additional 354 BTC since late July. During that period in July, the number of Ordinal inscriptions anchored to the blockchain was 18.67 million; now, that count has more than doubled by 19.19 million inscriptions. 

 

With the resurgence of daily Ordinal inscriptions climbing to new highs, the Bitcoin network’s backlog of pending transactions has swelled to 166,000, at a block height of 815,457. Presently, BTC network fees for block space between “no priority” to “high priority” are between $0.29 to $1.86 per transaction. 

 

Source : Bitcoin News by Jamie Redman / November 05, 2023

rayn.finance logo

Automata FRANCE SAS

240 rue Evariste Galois,

06410 Biot,

Sophia Antipolis

Automata Pay

65-66 Warwick House 4th

Floor, Queen Street, London

England, EC4R 1EB

Automata Pay Europe Ltd

3rd Floor Ormond Building,

31-36 Ormond Quay Upper,

Dublin 7, D07 Ee37

Automata ICO Ltd

Italian Branch

Via Archimede, 161,

00197 Roma

Italy

The purchase of digital assets is subject to a high market risk and price volatility. Changes in value can be significant and occur rapidly and without warning. Past performance is not a reliable indicator of future performance. The value of an investment and returns can fluctuate both up and down, and you may not recover the amount you invested. RISK WARNING

Automata ICO Limited has a branch in Italy with its registered office at Via Archimede, 161, Roma, Italy, and registered in Italy under number 96550860587 with the Organismo Agenti e Mediatori (OAM) as a Virtual Asset Service Provider (VASP).

Automata France SAS is a company registered in France with the company number 902 498 617. Automata FRANCE SAS is registered with the french Financial Market Authority, l’Autorité des marchés financiers (“AMF”), as a provider of Virtual Asset Service Provider under number E2023-087.

Automata Pay Europe Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act.