Bitcoin Hits 40 Million Inscriptions Milestone and Second-Highest Day of Confirmed Transactions

Data reveals a milestone in the Bitcoin blockchain, with a tally of 40 million Ordinal inscriptions etched into its ledger. Inscription records were shattered on November 12, 2023, when a daily peak saw 505,345 inscriptions created in a single day. This burst of activity propelled Bitcoin to new heights, with the day marking a new peak for daily transactions, ranking second only to the highest day on record for miner-confirmed transactions within a 24-hour timeframe.

Record-Breaking Inscription Mint Drives Bitcoin to Second-Biggest Transaction Day

After a period of quiet since mid-September, Ordinal inscriptions have seen a significant revival. On Sunday, November 12, 2023, the Bitcoin network witnessed a historic 505,345 inscriptions being minted — the largest number in a single day since the inception of Ordinals in December 2022. This spike in inscriptions correspondingly elevated Bitcoin’s daily transaction rate to 703,327 confirmed transactions over a 24-hour period.

Bitcoin miners processed 703,327 confirmed transactions on November 12, 2023, achieving the network’s second-largest daily volume on record.

This processed volume is only surpassed by the record set on September 15, 2023, when miners validated a slightly higher total of 703,692 transactions. The inscription record coupled with the 703,327 rate on Sunday indicates that inscriptions accounted for 71.85% of yesterday’s block space. Transaction fees for high-priority actions have fallen to $4.28 each as of Monday, November 13, 2023, yet the mempool remains congested with over 200,000 unconfirmed transactions.

On Sunday, a record-setting 505,345 inscriptions were minted in a single day.

Following a groundbreaking Sunday, the Ordinal inscriptions continued to hit new benchmarks, vaulting past the 40 million mark. Miners have reaped the benefits, collecting 2,438 BTC, which translates to upwards of $90 million, for their role in confirming inscriptions. In the last month, the tradable inscription token, the BRC20-based ORDI coin, has soared by 545% against the U.S. dollar. The surge places ORDI’s market value at $434 million, ranking it 112th among the 10,900 cryptocurrencies in circulation.

The sales rankings for Bitcoin’s non-fungible tokens (NFTs) have also experienced a significant rise, securing the position just below Ethereum in the NFT sales hierarchy. Ethereum led the pack with $103 million in NFT sales over the last week, but Bitcoin closely trailed with a $92.92 million haul, as reported by cryptoslam.io’s market data. Over the previous seven days, Bitcoin’s NFT sales have jumped by 246%, with the “$SATS BRC-20 NFTs” claiming the title of the top-selling collection for the week.

What do you think about the record number of Ordinal inscriptions and transactions processed on Sunday? Share your thoughts and opinions about this subject in the comments section below.

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