Bitcoin Recorded 40 Million Ordinal Inscriptions on Sunday

Bitcoin Recorded 40 Million Ordinal Inscriptions on Sunday 

Bitcoin recorded an impressive 40 million Ordinal inscriptions in its ledger on Sunday, creating a significant milestone in its blockchain history. Inscription records were broken on November 12, 2023, as a new peak of 505,345 inscriptions were etched into the ledger on a single day. This is the second-highest day of confirmed transactions and is ranked second only to the highest day on record for miner-confirmed transactions within 24 hours.

505,345 Inscriptions Minted on the Second-Biggest Transaction Day 

Following a relatively quiet period since mid-September, Ordinal inscriptions witnessed a resurgence, reaching a historic high on Sunday. The 505,345 inscriptions minted on that day set a new record since their inception in December 2022. This surge correspondingly propelled Bitcoin's daily transaction rate to an impressive 703,327 confirmed transactions within 24 hours.

This exceptional activity closely rivals the record set on September 15, 2023, when miners validated a slightly higher total of 703,692 transactions. Notably, the inscription surge on Sunday accounted for a significant 71.85% of the block space. Despite high-priority transaction fees dropping to USD 4.28 each on Monday, November 13, 2023, the mempool remains congested, grappling with over 200,000 unconfirmed transactions.

On a groundbreaking Sunday, Ordinal inscriptions continued their ascent, surpassing the 40 million mark. Miners have reaped substantial rewards, totaling 2,438 BTC, equivalent to over USD 90 million, for their role in confirming inscriptions. Over the past month, the tradable inscription token, the BRC20-based ORDI coin, has skyrocketed by 545% against the US dollar, boasting a market value of USD 434 million and securing the 112th position among the 10,900 cryptocurrencies in circulation.

Bitcoin NFT Sales Surge 246% Over the Past 7 Days 

The surge in Bitcoin's NFT sales is equally remarkable; it is now placed below Ethereum in the NFT sales hierarchy. Ethereum led with USD 103 million in NFT sales over the last week, closely trailed by Bitcoin with a USD 92.92 million haul, as reported by cryptoslam.io's market data. Bitcoin's NFT sales have witnessed a remarkable 246% jump over the past seven days, with the "$SATS BRC-20 NFTs" claiming the top-selling collection title for the week.

What is your take on the record-breaking Ordinal inscriptions and Sunday's transaction surge? Please share your thoughts and opinions in the comments below.