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Bitcoin ordinal is back, and inscriptions are the flavor of the week

Bitcoin ordinal patterns have seen a resurgence in activity recently. As a result, there was a peak in the number of registration transactions.

On April 25, on-chain analytics platform Glassnode reported on the Bitcoin ordinal pattern ecosystem.

She noted that after a short decline in registry usage, the number of daily registry transactions saw a sharp recovery. As a result, it recorded an all-time high of 193,000 coins minted in a single day on April 23.

She noted that about 40% of all bitcoin transactions were associated with a log file that day. The next day saw about 85,000 engravings, the third highest on record.

Number of Bitcoin Ordinal Patterns – Glassnode

Bitcoin Ordinal Pattern Revival

Furthermore, the vast majority of Bitcoin’s ordinal vignettes on the record-breaking day were text vignettes. These continued to dominate transactions, while pictographs were more common at first.

Glassnode has noticed that the percentage of the total block size associated with inscriptions is declining.

“This is due to the increasing popularity of text-based anaglyphs, whose data footprint is much smaller than their image counterpart.”

Block size share - Glassnode
Block size share – Glassnode

On April 24 Ord.io mentioned There were 1.52 million ordinal inscriptions, of which 56% were texts. Photo captions were a close second, at around 40%. The rest were JSON, HTML, PDF and video files.

However, Dune Analytics reports a total of 1.73 million inscriptions, and over a million of them were plain text. It also revealed that the total fee to date for the ordinal inscriptions was 184 BTC, or about $5 million.

Bitcoin Ordinal Charts - Dune Analytics
Bitcoin ordinal fee – Dune analytics

Bitcoin ordinal patterns are cryptographic assets that are similar to non-fungible tokens (NFTs). It can be included in one satoshi, the smallest denomination of bitcoin.

Furthermore, the recording process writes additional data about the content stored in the bitcoin transaction “witness”. Witness was introduced in a SegWit upgrade in 2017.

The SegWit and Taproot update enabled ordinal users to add 3MB of data to each block from the original limitation of 1MB per block.

The Bitcoin ordinal pattern craze took off in February when users were typing NFTs into satoshis.

Bitcoin price is rising on banking

Bitcoin prices are up 4% on the day. As a result, the asset was trading for $28,346 at the time of writing, according to BeInCrypto.

The move may be in response to the news that another US bank is in trouble. On April 25, First Republic Bank stock lost half of its value after deposits exited.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

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