• The total number of inscriptions on the Bitcoin blockchain has surpassed 24 million.
• Bitcoin NFTs were no more in the top five with respect to volume.

Over the past few months, Bitcoin Ordinals witnessed an interplay of highs and lows, marking significant shifts in the ecosystem. At press time, the total inscriptions minted till data had surpassed 24 million. 

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Bottoms through the peaks

Data from Dune Analytics showed that BTC Ordinals crossing the 24 million landmark could be linked to a hike in daily inscriptions. On 14 August, the daily inscriptions minted on the Bitcoin blockchain was 317, 350. This represented the highest number over the last week.

But before the recent increase, Bitcoin Ordinals witnessed a down season. For instance, on 2, 12, and 22 July, the number of inscriptions stood at an extremely low level and did not edge any closer to the peaks. On 7 and 8 August, the situation continued.

The decline in the aforementioned times explains how interest in Bitcoin Ordinals subdued. Furthermore, the activity rate was also not as impressive as in the first quarter (Q1). Thus, the decrease meant that users’ creation of Bitcoin-native Digital Artifacts fell.

Recall that Ordinals, put forward by Casy Rodarmor, emerged around the first three months of the year. And despite the controversy around the application on the Bitcoin network, its Go to Source to See Full Article
Author: Victor Olanrewaju

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