- Bitcoin Ordinals initially received great interest, but its value has decreased over time. This has led many people to believe that it may be outdated.
- Data provided by Dune Analytics highlighted a sudden increase in daily transactions following a period of stagnant activity. Specifically, on August 20th, daily transactions skyrocketed impressively to 411,000.
- In addition to increasing transaction volume on the Bitcoin network, Ordinals also introduced significant transaction fees. At its peak, Ordinals contributed over 200 BTC in daily fees.
Bitcoin Ordinals initially received great interest but then lost its place in the spotlight; nevertheless, Ordinals transactions continue to remain high.
How are Things Progressing for Bitcoin Ordinals?
Bitcoin Ordinals initially received great interest, but its value has decreased over time. This has led many people to believe that it may be outdated. However, recent developments have proven that it is still very active and relevant. Nevertheless, its impact on a specific metric seems to have diminished.
According to Leonidas’ latest update, despite the decrease in transaction speed, it is clear that the Bitcoin Ordinals era is still ongoing. The post showed that out of a total of 530,000 transactions occurring on the Bitcoin network, an impressive 450,000 were identified as Ordinals transactions.
Furthermore, data provided by Dune Analytics highlighted a sudden increase in daily transactions following a period of stagnant activity. Specifically, on August 20th, daily transactions impressively soared to 411,000, marking the highest daily transaction volume recorded.
This data raises the question: How does this compare to the total number of transactions on the Bitcoin network, as claimed by Leonidas?
The Impact of Ordinals on Bitcoin Transactions
According to current data, on August 20th, the number of Bitcoin transactions exceeded 600,000, reaching 612,461 transactions. When comparing this data with the Dune Analytics graph, it was observed that the total number of Markings exceeded 411,000 on the same date.
Furthermore, this observation showed that this number contributed to over half of the transactions occurring on the Bitcoin network that day. This data highlighted the significant impact of Ordinals.
Additionally, it demonstrated that its impact on the Bitcoin network remains significant and has not completely diminished. However, it is important to note that this impact is not reflected in the fees incurred on the network.
Decreased Impact on Fees
In addition to increasing transaction volume on the Bitcoin network, Ordinals also introduced significant transaction fees. At its peak, Ordinals contributed over 200 BTC in daily fees, which was equivalent to approximately 7 million dollars. However, the momentum of these daily fees has decreased, and even the impact of the recent increase was minimal.
According to data from Dune Analytics graph, the daily fees recorded on August 20th were calculated to be approximately 3.47 BTC, which amounted to around 100,000 dollars. On the same day, Crypto Fees reported total fees across the network exceeding 390,000 dollars. At the time of writing this article, total fees had fallen below 1 BTC.
It appears that the impact of Bitcoin Ordinals is diminishing along with its contribution to daily fees. However, it is important to note that this decrease does not mean its disappearance; rather, it indicates that the impact of Bitcoin Ordinals continues to exist, albeit at a lower capacity.
