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Bitcoin transactions hit a record high with ordinal transactions

The seven-day average daily bitcoin transactions hit a record high yesterday for the first time since December 2017.

According to data from IntoTheBlock, the average number of daily transactions over the week of April 24 was 396,350.

Bitcoin transactions have peaked

According to a blockchain analysis firm, the rising numbers indicate the growing active use of the blockchain network.

Bitcoin transaction volume (source: IntoTheBlock)

Another blockchain data aggregator Glassnode reported that the 7-day average Bitcoin network transactions reached 426,337.14 on April 29 – Cryptocurrency Reporter Wu Blockchain link This increase in the growing demand for engravings.

Ordinal inscriptions cross 2.5 million

According to data from Dune analytics, the number of bitcoin engravings is now over 2.5 million — and reached an all-time daily all-time high of 22,311 on April 29.

Bitcoin order
Bitcoin Ordinal (Source: Dune analytics)

Ordinal patterns are similar to NFTs that can be included in the smallest denomination of Bitcoin, Satoshi. Earlier in the week, BeInCrypto reported that these cryptocurrencies rose sharply after a record low earlier in the month.

Through normal transaction processing, BTC miners earned 217.83 BTC in fees, according to data from Dune Analytics. Since their launch in late 2022, Bitcoin NFTs have become increasingly popular, with demand for vouchers dominating transactions.

Grayscale says that ordinal values ​​are positive for the Bitcoin network

A recent report from Grayscale stated that the Ordinals have drawn more attention to Bitcoin, which could help its reputation and perception. Asset management noted that “ordinal elements represent one of the greatest opportunities for Bitcoin adoption.” She added:

“While there are legitimate concerns, we believe the arrangement has the potential to positively impact the Bitcoin network in the long term, attracting a new wave of users and developers eager to embrace the Bitcoin community.”

In February, research by Matixport said NFTs could help propel Stacks, a BTC layer2 network, into a $1 billion token. Since then, STX’s market capitalization has crossed the $1 billion mark before dropping to the current $993.38 million.

Meanwhile, some Bitcoin maxis believe that Ordinals are a waste of block space because they make transactions more expensive for ordinary users. According to them, the BTC network should only be used for payments.

Bitcoin holds $29,000

BTC continued to trade above $29,000 despite a slight decline of 0.2% in the past 24 hours, according to BeInCrypto.

BTC price performance
BTC price performance (Source: BeInCrypto)

Earlier in the week, the leading digital asset fell to around $27,000 after rumors surfaced that the US government was selling some of its bitcoin holdings.

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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