- Interest in Bitcoin Ordinals continued to rise.
- FUD and Speculation around the U.S. government and Mt.GOX wallets impacted trader behavior.
Upon their initial introduction, Bitcoin [BTC] inscriptions garnered considerable attention from the cryptocurrency community. This led to speculations that the hype would be short-lived and interest in ordinals would wane soon.
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Out of the Ordin(al)ry
However, at press time, it appeared that inscriptions surpassed one million. This represented roughly 6% of the total activity on the Bitcoin network.
Consequently, the fees associated with ordinals that are paid out to miners rose. This resulted in a decrease in the selling pressure on ordinals.
Source: Dune An
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Author: Himalay Patel
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