- Daily Bitcoin Ordinals inscriptions reached a new all time high of 307,365 yesterday April 30
- The new high marks the fifth time daily inscriptions touched a new high in April
- The rise in daily inscriptions coincided with an increase in Bitcoin transactions which reached levels last seen in 2017
The number of daily Bitcoin Ordinals inscriptions closed the month of April at a new high of 307,365 recorded on April 30. The new high marks the fifth time daily inscriptions touched a new high in April. The rise in daily inscriptions coincided with an increase in the number of Bitcoin transactions which reached levels last seen during the 2017 bull run.
300,000 Inscriptions Per Day Ceiling Breached
Data from Dune Analytics shows that the new high marks the first time daily inscriptions increased above the 300,000 mark since the project’s inception. The momentum to above 300K started on April 2 when the daily inscriptions touched a new high by trampling the previous high set on March 9 by 80%.
However, the momentum lost steam between April 10 and 16 when daily inscriptions ranged between 7,000 and 16,300. Despite the bump, the total daily inscriptions have been on a steady rise since the project’s launch.
Apart from daily inscriptions, the daily Ordinals fees also recorded a new high on April 30 at 15.78 BTC, trashing the previous high of 13.39 BTC set on March 24. Text-based inscriptions continue to dominate daily inscriptions followed by images. For example, on April 30, there were 307,046 text-based and 272 image-based inscriptions.
Weekly Average Daily Bitcoin Transactions Return to 2017 Levels
The shift from image to text-based inscriptions started when the Bitcoin community discovered that the Ordinals project can also be used to create fungible tokens on the BTC-powered protocol. The rise in daily inscriptions contributed to weekly average daily transactions on the Bitcoin blockchain reaching 396,000, a level last seen during the 2017 bull run.
The 7-day average of daily Bitcoin transactions was at its highest this week since December 2017. The increasing number of daily transactions suggests growing active usage of the Bitcoin blockchain pic.twitter.com/zKWUM8Vw5P
— IntoTheBlock (@intotheblock) April 30, 2023
With prominent NFT creators like Yuga Labs and the general NFT community showing interest in the Bitcoin Ordinals project, the rise in daily inscriptions is bound to continue rising.
