“Over 2.5 Million Bitcoin Transactions Recorded to Date”

  • In April, the daily record for new inscriptions was broken four times.
  • The amount of Bitcoin transactions is very high, possibly even the highest it has ever been.

On Saturday, there was a significant increase in the use of Ordinals, a technology that records digital assets on Bitcoin, making assets similar to NFTs on Ethereum. This was the largest usage of Ordinals ever recorded.

On Saturday, around 223,000 inscriptions were made using the Ordinals technology, as reported by a widely-used Dune dashboard. This is a new record and more than 200,000 inscriptions were made in just one day. This achievement shows that the protocol remains popular even five months after its launch.

In April, there were several new records broken for the number of inscriptions made via Ordinals, the technology used to inscribe digital assets on Bitcoin. A popular dashboard called Dune reported that there were around 72,000 to 193,000 inscriptions made between April 2 and April 23. The volume of Bitcoin transactions is also very high, according to IntoTheBlock, a blockchain analytics company.

Remarkable Milestone

The number of daily Bitcoin transactions has increased significantly, reaching a weekly average of approximately 396,000, the highest level since December 2017. The recent inscriptions made on ordinals.com, which were once just pictures, have now become text-heavy.

The amount of Ordinal inscriptions has reached a new milestone as reported by the Dune dashboard – it has now gone beyond 2.5 million.

However, things changed last month when it was discovered that Bitcoin’s Ordinals technology could be used to create tokens that could be traded for other tokens on Bitcoin, much like what is already possible on Ethereum.

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Domo, a person using a fake name, was one of the first supporters of this movement. He created the “BRC-20” token standard to test the blockchain data space. On Sunday, nearly 6,900 tokens were issued using the new standard, according to data from brc-20.io. This includes many meme coins with a market capitalization of millions of dollars.

Based on CMC, the current price of Bitcoin is $28,634.75 USD and the total value of Bitcoin that has been traded in the last 24 hours is $18,300,449,538 USD. The value of Bitcoin has decreased by 2.23% in the last 24 hours.