Bitcoin Blockchain Surpasses 12 Million Inscriptions as BRC20 Market Cap Declines
Recent data indicates that the Bitcoin blockchain has reached a milestone, recording over 12 million Ordinal inscriptions. The current count stands at approximately 12,494,695 inscriptions, showcasing a sustained trend. This surge has resulted in a backlog of more than 300,000 unconfirmed transactions, as reported by mempool.space.
Bitcoin miners have taken advantage of this inscription trend, confirming various transactions, including traditional financial transfers. As a result, they have accumulated a total of 1,737.50 BTC, equivalent to $46.10 million based on current exchange rates. The recent price plunge of Bitcoin in the past week has impacted the BRC20 economy significantly.
On June 15, the total number of Ordinal inscriptions surpassed the 12 million mark, according to the latest data available from Dune analytics. Out of all the inscriptions, approximately 90.7% are plain text, while the remaining portion comprises different file formats such as JPEGs, PNGs, SVGs, GIFs, video files, software files, and applications. Notably, 11,259,647 inscriptions consist solely of plain text.
While the count of Ordinal inscriptions continues to rise, the BRC20 economy has experienced a considerable decline in value. Presently, brc-20.io reports that there are 34,296 BRC20 tokens in circulation, valued at $141.97 million. The trade volume for BRC20 tokens within the last 24 hours stands at approximately $25.51 million.
The recent downturn in the crypto market has significantly affected the values of several top BRC20 tokens. For example, the token ordi (ORDI) was valued at $11.36 per unit on June 3, but it has now dropped to $6.263 per token. Similarly, the BRC20 token pepe (PEPE) was priced at $0.20 per unit on June 3, but it has plummeted to $0.050 per token.
Despite the decline in the BRC20 market valuation this month, the number of BRC20 tokens has seen substantial growth, increasing by over 38% since June 3. Active trading of BRC20 and Ordinal inscriptions continues on platforms like Magic Eden, Okx, Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Unisat.
According to data from cryptoslam.io, sales of Bitcoin-based non-fungible tokens (NFTs) have decreased by more than 22% in the past week, totaling $21.49 million. The highest-priced NFT sold during this period was a Bitcoin-based “uncategorized Ordinal” that fetched $3.52 million.
What are your thoughts on the increasing number of Ordinal inscriptions on the Bitcoin blockchain and the significant decline in the BRC20 market cap? Feel free to share your opinions and thoughts on this matter in the comments section below.
Frequently Asked Questions (FAQs) about Blockchain
What is the current number of Ordinal inscriptions on the Bitcoin blockchain?
As of the latest count, there are over 12 million Ordinal inscriptions recorded on the Bitcoin blockchain, with the current tally reaching approximately 12,494,695 inscriptions.
How much value have Bitcoin miners accumulated from inscriptions?
Bitcoin miners have accumulated 1,737.50 BTC, which is equivalent to $46.10 million based on current exchange rates, from the inscriptions.
What is the status of the BRC20 market cap?
The BRC20 market cap has experienced a significant decline, with current data indicating a valuation of $141.97 million for the 34,296 BRC20 tokens in circulation.
Which tokens have been impacted by the decline in the BRC20 market?
Tokens such as ORDI and PEPE have seen a notable decline in value. ORDI’s price per unit dropped from $11.36 to $6.263, while PEPE’s price per unit decreased from $0.20 to $0.050.
What platforms witness active trading of BRC20 tokens and Ordinal inscriptions?
Platforms like Magic Eden, Okx, Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Unisat continue to experience active trading of BRC20 tokens and Ordinal inscriptions.
How have Bitcoin-based non-fungible token (NFT) sales been affected?
Bitcoin-based NFT sales have decreased by more than 22% in the past week, totaling $21.49 million. The highest-priced NFT sold during this period was an “uncategorized Ordinal” that fetched $3.52 million.
More about Blockchain
- Bitcoin Blockchain
- BRC20 Tokens
- Dune Analytics
- Magic Eden
- Ordinals Market
- Ordinals Wallet
- Open Ordex