On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees.
The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882 inscriptions since the inaugural one occurred on December 16, 2022.
![Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum]( "Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum")
The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was on this day that Bitcoin’s mempool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.
Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy. Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format.
The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. Notably, the market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.
What are your thoughts on Bitcoin’s surge in Ordinal inscriptions and its impact on the NFT market? Share your insights and opinions in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees.
The unstoppable momentum of Bitcoin’s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882 inscriptions since the inaugural one occurred on December 16, 2022.
![Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum]( "Bitcoin's Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend’s Unstoppable Momentum")
The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was on this day that Bitcoin’s mempool found itself congested with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.
Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin’s network fees surpassed the 6.25 BTC block subsidy. Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199 inscriptions embracing the plain text format.
The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. Notably, the market has recorded sales from popular Ordinal collections such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain’s Ordinal inscribing technology.
What are your thoughts on Bitcoin’s surge in Ordinal inscriptions and its impact on the NFT market? Share your insights and opinions in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Dune Analytics
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
Litecoin rose for a third consecutive session on Tuesday, despite cryptocurrency markets mostly falling lower. The global market cap is currently down by 1.28%, as overall market uncertainty remains high. Apecoin also rallied, extending recent gains.
Litecoin (LTC) was once again in the green, as the token rose for a third consecutive session.
LTC/USD surged to a peak of $89.68 in today’s session, after starting the week at a low at $86.42.
Tuesday’s rally has seen litecoin climb to its strongest point since April 30, which is the last time price was above $90.00.
From the chart, it appears that this level is once again the target for bulls, and could very likely be hit in the coming days.
After breaking out of a ceiling at 50.00, the relative strength index (RSI) is now tracking at 56.28.
The next visible point of resistance is now at the 59.00 mark, and should this be hit, not only will LTC be above $90.00, but likely closer to 92.00.
In addition to LTC, apecoin (APE) also surged on Tuesday, despite current market uncertainty.
Following a low of $3.33 to start the week, APE rose to an intraday high of $3.45 earlier in today’s session.
The gain comes as APE broke out of a ceiling at $3.35, resulting in price climbing to its highest point since May 8.
APE has fallen marginally lower from earlier highs, as its RSI failed to overcome a resistance point at 38.00.
At the time of writing, price strength is at the 37.69 mark, with the price now at $3.42.
If bulls are able to break this wall, then there is a good chance that APE could continue its move towards $4.00.
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What is behind the recent apecoin rally? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News