spot_imgspot_imgspot_img

Bitcoin may have lost its popularity, but the network still receives active attention.

  • 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 This has led many people to believe that it may be outdated.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-btc

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 This has led many people to believe that it may be outdated.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?

bitcoin-ordinals-metrics

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.

bitcoin-confirmed-transactions-per-day

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?

Uniswap Introduces “uni.eth” Subdomains with ENS Integration: Here are the Details!

Decentralized exchange platform Uniswap has introduced uni.eth subdomains with Ethereum Name Service integration.

Ripple Initiates Collaboration with Zoniqx to Empower Asset Tokenization

Ripple, a leading enterprise blockchain and crypto solutions provider, joins forces with Zoniqx: Here are the details!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Bitcoin Approaches Its Next Halving: Can This Time Be Different?

As Bitcoin nears another halving, the crypto community watches closely, anticipating its potential impact on the market amidst evolving circumstances.

Bitcoin Funding Rate Dips Negative Amid $251M ETF Inflows: A Bearish Signal or Market Resilience?

This article delves into the recent negative turn in Bitcoin's funding rate against a backdrop of significant ETF inflows, exploring whether this signals a bearish trend or underscores the cryptocurrency's resilience.

Massive XRP Transfer Raises Concerns: XRP May Experience Selling Pressure!

The substantial transfers of XRP have garnered attention; will the transfers to Bitso and Bitstamp create selling pressure on XRP?