Bitcoin Ordinals volume hits $210M in Q2 — DappRadar

The development of Bitcoin Ordinals inscriptions on the Bitcoin (BTC) blockchain has actually resulted in over $210 million in trading volume, according to the newest quarterly report from DappRadar.The information, which has been individually validated by Cointelegraph, reveals that Bitcoin Ordinals booming appeal led to a sharp boost in trading volume through the 2nd quarter of 2023. Bitcoin Ordinal trading volume increased from $7.18 million in the very first quarter of the year to $210.7 million by the end of June. DappRadar pins the quarterly increase at 2834%. The report also notes that all-time Ordinals trades totaled up to over 550,000 in Q2, with some 150,000 distinct traders contributing to the inflated trading volume midway through 2023. Bitcoin Ordinals marketplace information. Source: Dune analyticsA Dune blockchain analytics control panel reflecting numerous Bitcoin Ordinals marketplace metrics from the user, domo, likewise shows that special users increased sharply from May 2023. UniSat, an open-source Chrome internet browser extension for Bitcoin Ordinals and BRC-20 tokens, Magic Eden and Ordinals Wallet represent the bulk of special users by marketplace.Bitcoin Ordinals unique users by marketplace. Source: Dune analyticsThe appeal of Bitcoin Ordinals has had an interesting effect on the nonfungible token (NFT) landscape. Near completion of May 2023, Bitcoin exceeded Solana to become the second-most popular NFT blockchain, leaving the preeminent cryptocurrency blockchain only behind Ethereum in NFT trading volumes.Related: Bitcoin Ordinals exceed 10M inscriptions as creator Rodarmor actions downOrdinals have likewise been a boon to the Bitcoin mining industry. BTC miners have netted around $184 million through the first half of 2023, with Coin Metrics highlighting Ordinals and BRC-20 tokens for their role in the boost to costs which has already exceeded the 2022 overall for BTC miners.Ethereum co-founder Vitalik Buterin likewise credited Bitcoin Ordinals for reigniting a “builder culture” in the Bitcoin ecosystem in a Twitter Space on July 6. Magazine: Ordinals turned Bitcoin into an even worse variation of Ethereum: Can we fix it?

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