Crypto.news recently reported that the daily total of Bitcoin Ordinals Inscriptions has reached a high of 350,000 since May 14, with the payment fee for these transactions staying remarkably low at 2.5 bitcoin (BTC).
This surge is likely due to the launch of recursive scripts and the implementation of BRC-69, which are credited with optimizing costs and increasing inscriptions. Additionally, there was a record number of 18,000 coins generated by applications, which demonstrates the growing momentum in the crypto industry.
Market Watchers have observed that this milestone reflects not only the increasing popularity of Bitcoin, but also the growing adoption of user-friendly platforms that simplify the inscription process for both enthusiasts and investors.
The BTC surge has led to a peak in minting, with DappRadar’s latest quarterly report showing an impressive trading volume of over $210 Million. The second quarter of 2023 saw around 150,000 traders contribute to the large trading volume, while Dune blockchain’s analytics dashboard showed a dramatic increase in unique visitors since May 2023.
This increase in Bitcoin Ordinals activity has had a significant impact on the Non Fungible Token (NFT) market. According to reports, by the end of May 2023, Bitcoin had already exceeded Ethereum as the second most popular NFT blockchain in terms of trading volume. Ethereum co-founder Vitalik Buterin even commented on this during a Twitter Space debate on July 8, noting that the activity has brought Bitcoin into a new “builder culture”.
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