Journalist
Posted:
- Interest in Ordinals grew as the price of BTC moved in a positive direction.
- Wisdom Tree continued to push for its ETF and continued discussions with the SEC.
After prices started to gain momentum, the general condition of the Bitcoin [BTC] network started moving in a positive direction. Helped by the price increase, Inscriptions also started to gain attention.
People are starting to move towards Ordinals
According to AMBCrypto’s analysis of Galaxy Research data, it was revealed that fees for Bitcoin signups exceeded 2,500 BTC on November 16, with more than 80% related to BRC-20 text signups.
Cumulative fees generated from #Bitcoin the number of registrations exceeded the 2,500 BTC limit on Thursday, November 16. More than 80% of all fees paid for inscriptions on the network were for BRC-20 inscriptions, which are text-based inscriptions. pic.twitter.com/0eXkE9aq1C
— Galaxy Research (@glxyresearch) November 16, 2023
Bitcoin ordinal numbers, created by Casey Rodarmor, are NFTs that link digital content to a unique satoshi, equal to 100 millionths of a bitcoin.
Ordinals gained ground despite launching in a bear market, producing 1.14 million digital artifacts in its first 200 days.
Ordinals’ coin activity, while significant, is lower than NFTs on Ethereum, Solana, and Polygon.
Miners get a piece of the pie
In the first half of 2023, miners collected 8,684 BTC in fees, with subscription transactions contributing 20%.
Despite Ordinals representing 46% of Bitcoin transactions, their share of transaction fees dropped from 30% to 12%.
While Ordinals transactions do not incur the highest fees, they have caused a backlog in the Bitcoin mempool since April 22, 2023, marking the longest unresolved mempool streak since early 2021.
More people using BTC and paying fees to add to it shows that Bitcoin is becoming more and more crowded. Even when the money market is tough, projects like Ordinals show that Bitcoin can still bring in new ideas and users.
Is your portfolio green? Check out the BTC profit calculator
ETF season
Moreover, interest in ETFs also increased. WisdomTree, an investment company, has sent an amended plan for a BTC ETF to the US SEC, according to Bloomberg’s ETF expert James Seyffart.
As talk about Bitcoin ETFs increases, the impact of these ETFs on price may also increase. At the time of writing, BTC was trading at $36,424.78. Over the past 24 hours, the price of BTC has fallen by 2.9%.
Source: Santiment