- Bitcoin Ordinals Inscriptions recently spiked to one of the highest volumes.
- However, the impact of Ordinals on Bitcoin fees has diminished over time.
Bitcoin Ordinals initially received a lot of attention, but its value gradually declined. This led many to believe that it might be obsolete. Nevertheless, recent developments have proven that it is still very active and relevant. However, its influence on a specific statistic has diminished.
Read Bitcoin [BTC] Price Forecast 2023-24
Daily spikes in Bitcoin Ordinals
In a recent update of Leonidas, he stated that it was clear that the Bitcoin Ordinals era was still going on, even in light of the recent reduction in transaction rates. The post revealed that out of a total of 530,000 transactions that took place on the Bitcoin network, an impressive 450,000 were identified as Ordinals transactions.
In the past 24 hours, Bitcoin has had 530,788 transactions.
450,785 of those transactions involved Ordinals.
Amidst everyone claiming that “Ordinals are dead”, they literally account for 84.9% of the activity on Bitcoin.
You can’t make this stuff up.
— Leonidas (@LeonidasNFT) August 20, 2023
In addition, data from Dune analysis highlighted a sudden increase in daily inscriptions after a period of sluggish activity. In particular, on August 20, daily registrations skyrocketed to an impressive 411,000, one of the highest recorded daily transaction volumes.
This data begs the question: how does this compare to the total number of transactions on the Bitcoin network, as claimed by Leonidas?
Source: Dune analysis
Impact of Ordinals on Bitcoin Transactions
Based on data from Blockchain. com, the total number of Bitcoin transactions passed 600,000 on August 20, reaching a figure of 612,461 transactions. Looking at the Dune Analytics chart with this, the total number of observed enrollments on the same date surpassed 411,000.
Source: Blockchain.com
In addition, this observation indicated that it contributed to more than half of the transactions that took place on the Bitcoin network that day. These data underlined the substantial influence of Ordinals.
It also highlighted that the impact on the Bitcoin network remained significant and has not completely abated. However, it is important to note that this influence does not appear to be reflected in terms of the rates charged on the network.
Impact on fees reduced
In addition to increasing transaction volume on the Bitcoin network, Ordinals also introduced transaction fees as another important aspect. At its peak, Ordinals contributed more than 200 BTC in daily fees, equivalent to approximately $7 million. However, the momentum behind these daily fees faded and even the recent increase had minimal impact.
According to the data illustrated in the Dune Analytics chart, the recorded daily cost on August 20 was about 3.47 BTC, which amounted to about $100,000. On the same day, the total cost across the network, as reported by Crypto charges, surpassed $390,000. At the time of writing, the cumulative cost was now less than 1 BTC.
– How much are 1,10,100 BTC worth today
The influence of Bitcoin Ordinals seems to be waning, as evidenced by its diminishing contribution to daily costs. However, it is important to note that this decline does not spell doom; rather, it highlights that the impact of Bitcoin Ordinals continues, albeit in a diminished capacity.
