Resurgence in Bitcoin inscription demand: an overview

quick take

Demand for inscriptions such as Ordinals (the process of writing data to the blockchain via the Witness portion of a Bitcoin transaction) has seen a significant resurgence. Over the past few days, the number of new inscriptions has been on the rise, bringing the total to over 300,000. This surge brought his total registrations to over 16 million, a notable milestone.

In the field of data types, text continues to dominate the world of epigraphs and maintains its top position. However, the image data type is not far behind, and he currently ranks second in terms of distribution volume. This shift highlights the diversification of inscription use cases within the blockchain space.

On the financial side, the cumulative fees generated by registration amounted to a hefty 1,829 BTC. Interestingly, despite this hefty inscription generation, total transaction fees have returned to the normal levels seen prior to the inscription boom in early 2023. Currently, the total amount of fees paid to miners is around 16 Bitcoins, showing a significant decline.

Collectively, these trends highlight the dynamic nature of the blockchain environment and its continued evolution as demand for registration grows and the impact on transaction fees becomes more apparent.

Inscription: (Source: Glassnode)
Total: (Source: Glassnode)
Total: (Source: Glassnode)

Article after the resurgence of Bitcoin registration demand: An overview was first published on CryptoSlate.

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