Bitcoin Hits 40 mn Inscriptions Milestone
Bitcoin has reached a milestone with 40 million Ordinal inscriptions in its ledger, marking a new peak for daily transactions. On November 12, 2023, a historic 505,345 inscriptions were minted, the largest number in a single day since the inception of Ordinals in December 2022. This surge in activity correspondingly elevated Bitcoin’s daily transaction rate to 703,327 confirmed transactions over a 24-hour period. Bitcoin miners processed 703,327 confirmed transactions, achieving the network’s second-largest daily volume on record.
The inscription record coupled with the 703,327 rate on Sunday indicates that inscriptions accounted for 71.85% of yesterday’s block space. Transaction fees for high-priority actions have fallen to $4.28 each as of Monday, November 13, 2023.
The tradable inscription token, the BRC20-based ORDI coin, has soared by 545% against the U.S. dollar in the last month, ranking it 112th among the 10,900 cryptocurrencies in circulation. The sales rankings for Bitcoin’s non-fungible tokens (NFTs) have also experienced a significant rise, securing the position just below Ethereum in the NFT sales hierarchy. Ethereum led the pack with $103 million in NFT sales over the last week, but Bitcoin closely trailed with a $92.92 million haul. Over the previous seven days, Bitcoin’s NFT sales have jumped by 246%, with the “$SATS BRC-20 NFTs” claiming the title of the top-selling collection for the week.
(With inputs from Shikha Singh)
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