The daily Bitcoin transaction number approaches the all-time high when reviving the ordinal numbers
The daily Bitcoin transaction number approaches the all-time high when reviving the ordinal numbers
The madness of the Bitcoin regulations is back and the network transactions are increasing significantly. On May 1st, the on-chain analytics provider Glassnode reported that the daily transactions approached the maximum.
The sliding 30-day average for the metric had reached 348,700 daily transactions. In addition, the top value was measured in 2017 when it reached an average of 379,000 transactions per day.
However, these figures come from sliding average. According to Blockchain.com, the actual daily transaction number increased on April 30 to 426,814. It has increased by more than 70 % since the beginning of the year.
#bitcoin Transaction figures are approaching every time and see an explosive increase in 2023.
With the advent of inscriptions, analysts must now evaluate how much of it is driven by inscriptions compared to money transfers.
a fast 🧵 to explore: //t.co/kor7czbjda pic.twitter.com/v1cnr5gmzz
-Glasknot (@glasknot) 30. April 2023
revival of the ordinal inscription
The increase in network transactions was attributed to ordinal inscriptions. According to Glassnode, enrollments make up about 30 % to 40 % of the transactions and 10 % of the fees paid.
The remaining majority are money transactions, often through stock exchanges, added. "However, the BTC exchange activity is relatively low and accounts for about 30 % of the fees and transactions," she said.
Bitcoin regulations are crypto-assets that are not funny token (NFTS) and can be inscribed in a Satoshi. The Bitcoin Segwit and Taproot updates made it possible to add ordinal users to each block 3 MB of data from the original restriction of 1 MB per block.
The lettering originally began in February, as the user began to record NFTs in Satoshis, but the latest revival was dominated by text -based labels.
Glassnode Castle:
"Bitcoin transaction figures, address activities, inscriptions and mempool overload are increased. Just like the degree of Hodling and the offered offer below $ 30,000."
At the end of April, the crypto asset manager Grayscale also reported on the ordinary craze. It found that the "unexpected increase in popularity, despite its reputation as a ossified blockchain, could indicate a shift in the broader perception of Bitcoin".
Bitcoin price view
Bitcoin prices have started to drop from their weekend plateau of around $ 29,300. When the Asian trading session began on Monday morning, BTC fell by a few percent to an intraaday low of $ 28,300.
The asset has fallen on the lowest price since the panicked sale last Thursday. Further losses could lead to a decline to just over $ 28,000.
BTC remains 58 % below its highest price level in November 2021, and the correction could be deepened before there is a transition to a bull cycle.
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