Giovanni Russo Recent data highlights a notable achievement in the Bitcoin blockchain: it has amassed 40 million Ordinal inscriptions. This record was significantly boosted on November 12, 2023, when the network experienced its second-highest volume of confirmed transactions in a single day. On this day, 505,345 inscriptions were added, marking a significant surge in blockchain activity.
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Unprecedented Surge in Bitcoin’s Network Activity
The Bitcoin network has experienced a substantial increase in Ordinal inscriptions, particularly notable on November 12, 2023. This day saw an unprecedented 505,345 inscriptions, a record since the introduction of Ordinals in December 2022. This surge in inscriptions also led to an increase in daily transactions, with 703,327 confirmed transactions occurring within 24 hours.
Second-Largest Daily Transaction Volume Achieved
On November 12, 2023, Bitcoin miners processed a remarkable 703,327 transactions, marking the network’s second-highest daily transaction volume. This figure is just slightly below the record of 703,692 transactions set on September 15, 2023. The significant number of inscriptions on this day constituted 71.85% of the total block space used. Despite a decrease in transaction fees to $4.28, the network experienced a backlog of over 200,000 unconfirmed transactions.
Record High in Inscriptions and Revenue for Miners
The landmark day for inscriptions was followed by a cumulative achievement of over 40 million Ordinal inscriptions on the network. This surge in activity has been financially beneficial for miners, who have collected approximately 2,438 BTC, equivalent to over $90 million, for confirming these inscriptions. The BRC20-based ORDI coin, associated with tradable inscriptions, has seen a 545% increase in value against the U.S. dollar in the past month, bringing its market value to $434 million and ranking it 112th among cryptocurrencies.
Bitcoin NFTs Gaining Momentum
The rise in Bitcoin’s NFT sales is also noteworthy, positioning it just below Ethereum in terms of NFT market performance. Ethereum leads with $103 million in NFT sales over the past week, while Bitcoin follows closely with sales totaling $92.92 million. This data, provided by cryptoslam.io, indicates a 246% increase in Bitcoin’s NFT sales over the last week, with the “$SATS BRC-20 NFTs” emerging as the top-selling collection.
What are your perspectives on the record-breaking number of Ordinal inscriptions and the high volume of transactions processed on November 12? Please share your views and analyses on this topic in the comments section below.
Frequently Asked Questions (FAQs) about Bitcoin Inscriptions
What are Ordinal inscriptions in Bitcoin?
Ordinal inscriptions in Bitcoin refer to the unique records etched into its blockchain ledger, representing transactions and other data.
How many Ordinal inscriptions were recorded on November 12, 2023?
On November 12, 2023, a record-breaking 505,345 Ordinal inscriptions were added to the Bitcoin blockchain in a single day.
What is the significance of the 40 million Ordinal inscriptions milestone?
The milestone of 40 million Ordinal inscriptions signifies significant growth and activity on the Bitcoin network, highlighting its robustness.
How did the surge in Ordinal inscriptions affect Bitcoin transactions?
The surge in Ordinal inscriptions on November 12, 2023, led to a remarkable increase in daily transactions, reaching 703,327 confirmed transactions within a 24-hour period.
What is the second-largest daily transaction volume achieved by Bitcoin?
On November 12, 2023, Bitcoin achieved its second-highest daily transaction volume, with 703,327 transactions processed, just slightly below the record set on September 15, 2023.
How did miners benefit from the increased Ordinal inscriptions?
Miners benefited financially from the surge in Ordinal inscriptions, earning approximately 2,438 BTC, equivalent to over $90 million, for confirming these inscriptions.
What is the market value of the tradable inscription token, ORDI coin?
The ORDI coin, associated with tradable inscriptions, has seen a remarkable 545% increase in value against the U.S. dollar, reaching a market value of $434 million.
How does Bitcoin’s performance in NFT sales compare to Ethereum?
Bitcoin’s NFT sales have gained momentum, positioning it just below Ethereum in terms of NFT market performance. Ethereum leads with $103 million in NFT sales, while Bitcoin closely follows with $92.92 million in sales over the past week.
Which NFT collection emerged as the top-selling for Bitcoin?
The “$SATS BRC-20 NFTs” collection claimed the title of the top-selling Bitcoin NFT collection over the previous week, experiencing a 246% increase in sales.
More about Bitcoin Inscriptions
- Bitcoin Blockchain Activity
- Bitcoin Transactions Surge
- Record Ordinal Inscriptions
- Bitcoin Miner Revenue
- Bitcoin NFT Sales
- ORDI Coin Market Value
- Ethereum NFT Sales
- Top Bitcoin NFT Collection
