Ordinals still make up majority of Bitcoin txs despite price collapse

Data from Dune Analytics supports the trend as it reports that there were more than 400,000 ordinal inscriptions on Aug. 20, while Bitinfocharts reports an everyday Bitcoin transaction count of around 556,000. This implies that more than three-quarters of the present network activity was Ordinals related on Aug. 20.85% of on-chain bitcoin transactions in the past 24 hours are ordinals relatedEIGHTY FIVE PERCENTthe main usecase of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf— Udi Wertheimer (@udiWertheimer) August 20, 2023

Ordinal inscriptions have actually continued to control activity on the Bitcoin network over the past week regardless of the cryptocurrencys current rate decline and tips that the hype around Bitcoin NFTs have “died. Over the previous 24 hours Bitcoin had 530,788 transactions.450,785 of those transactions were Ordinals related.In the midst of everybody declaring “Ordinals are dead” they have actually literally accounted for 84.9% of the activity on Bitcoin.You cant make this stuff up.

Market scientist Eric Wall contributed to that, observing that over the week, 54% of the transactions on the Bitcoin network were Ordinals.According to Dune, the overall number of Ordinal inscriptions is 25.5 million which has generated $53.4 million in fees on the Bitcoin network.Inscriptions are currently dominated by BRC-20 token minting, with 1.9 million of them minted last week. Weekly Inscriptions by Type – Dune AnalyticsThe current observations paint a various image to a DappRadar report on Aug. 17 that declared that Ordinals NFT usage and sales volume had tanked because its peak in May, triggering some crypto observers to state the hype as having “passed away down.” However, this hype has actually died down in current months, which has most likely added to the decrease in #trading volume.What does the future hold for #Bitcoin Ordinals NFTs?It is unclear what the future holds for Bitcoin Ordinals NFTs.– Cheeky Crypto (@CheekyCrypto) August 20, 2023

The report tracked the sales and trading volume of NFTs minted on the Bitcoin network, not the actual inscription activity which still appears to be high. Related: Bitcoin Ordinals rolls out upgrade to correct Cursed Inscriptions issueBitcoin Ordinals are nonfungible asset artifacts that allow inscribing data onto a Satoshi, the smallest division of a Bitcoin.The procedure was released in January and the following months saw the inscription hype take off as countless them were minted on the Bitcoin network triggering congestion and spikes in transaction costs which reached a peak in April and May. Publication: Blockchain games arent really decentralized … however thats about to alter

Other Questions People Ask

What percentage of Bitcoin transactions are related to Ordinals despite the price collapse?

As of August 20, 2023, Ordinals accounted for an impressive 85% of all Bitcoin transactions. This statistic highlights the significant role that Ordinals play in network activity, even amidst a decline in Bitcoin's price. With over 450,000 of the 530,788 transactions being Ordinals-related, it is clear that they continue to dominate the Bitcoin ecosystem.

How have Ordinals maintained their dominance in Bitcoin transactions despite market trends?

Ordinals have maintained their dominance in Bitcoin transactions by consistently accounting for a large portion of network activity, even as trading volume has decreased. Recent data shows that over the past week, 54% of all Bitcoin transactions were related to Ordinals. This suggests that while the hype around Bitcoin NFTs may have diminished, the actual inscription activity remains robust and vital to the network.

What does the data from Dune Analytics reveal about Ordinals and Bitcoin transactions?

Dune Analytics indicates that there were more than 400,000 ordinal inscriptions on August 20, which correlates with the overall transaction count of around 556,000 for Bitcoin. This data underscores that Ordinals are not only prevalent but also crucial for the current state of the Bitcoin network. The continued high volume of inscriptions demonstrates their importance, despite claims that interest in Ordinals has waned.

What is the significance of BRC-20 token minting in the context of Ordinals and Bitcoin transactions?

BRC-20 token minting has become a major component of Ordinal inscriptions, with 1.9 million tokens minted in just one week. This surge in minting activity contributes significantly to the overall transaction volume on the Bitcoin network. As BRC-20 tokens gain traction, they further solidify the role of Ordinals as a primary use case for Bitcoin, even during periods of price decline.

How do recent reports contrast with the actual activity of Ordinals on the Bitcoin network?

While some reports have suggested a decline in Ordinals NFT usage and sales volume, actual inscription activity tells a different story. Data shows that despite claims of a "dead" hype cycle, Ordinals accounted for nearly 85% of Bitcoin transactions recently. This discrepancy highlights the importance of focusing on transaction activity rather than just sales volume to understand the true state of Ordinals within the Bitcoin ecosystem.