There are currently over 25.6 million Ordinals inscriptions on the Bitcoin network.
Bitcoin Ordinals stirred up a frenzy in the community soon after its launch in January 2023. More than eight months later, ordinal inscriptions have maintained their prominence in the Bitcoin network’s activities over the past week.Ordinals Account for 85% of Activity on Bitcoin
Much like NFTs, ordinal inscriptions are digital assets engraved on satoshis, which are the smallest units of Bitcoin. The ability to inscribe on these satoshis became achievable through the Taproot upgrade that was introduced to the Bitcoin network on November 14, 2021.a total of 530,788 transactions within the last 24 hours. Notably, a significant portion of this activity- specifically, 450,785 transactions – was intricately tied to Ordinals.
From Q1 to Q2, Bitcoin Ordinals trading volume surged by 2,834%, hitting a staggering $210.7 million. Ordinals peaked around May after the trading volume and sales count neared $452 million and climbed beyond 832k respectively.last week with the sales volume plunging by more than 76% to $106 million. Furthermore, the sales count also experienced a sharp decline of 60.3%, plummeting to 330,121, indicating subdued trading enthusiasm.from Dune Analytics, increasing by over 20% in just three weeks.
Besides, Bitcoin Taproot utilization has also been holding strong after hitting an all-time high around February which was largely attributed to the emergence of Ordinals on the network. Fast forward to six months later, Ordinals continued to play a crucial role in the adoption of Taproot, contradicting numbers that suggest waning interest in Bitcoin NFTs.
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