- Bitcoin Ordinals account for 84.9% of activities on the Bitcoin Network.
- Rumors of Bitcoin Ordinals losing their hype proved false by recent data.
- Bitcoin Ordinals have continued to record sales and inscriptions.
Despite the recent price crisis, Bitcoin Ordinals are doing well, with nearly 85% of the activities in the Bitcoin network being attributed to the inscriptions and BRC-20 minting.
The inscriptions of Ordinals have continued to be the dominating activity on the Bitcoin Network over the past week, even with the recent price decline in Bitcoin and rumors that Bitcoin NFTs have lost the hype surrounding them.
On August 21, Leonidas, an Ordinals developer, pointed out that Bitcoin had 530,788 transactions over the day, with 450,785 of those transactions belonging to Ordinals.
“Amid claims that ordinals are dead, they have been able to account for 84.9% of the activities on Bitcoin’s network.”
Data also backed up the report of Bitcoin Ordinals still being active from Dune Analytics, which reported that there were more than 400,000 ordinal inscriptions made on August 20, while another piece of information by Bitinfocharts reported a daily Bitcoin transaction count of around 556,000.
This means that over three-quarters of the current activity on the Bitcoin network was indeed from Bitcoin ordinals.
Eric Wall, an industry researcher, added to the observation stating that over the week, 54% of the transactions on the Bitcoin network were from Ordinals inscriptions.
According to the report from Dune, there has been an increase in the inscriptions of Ordinals, going up to 2.5 million of them, which has generated $53.4 million worth of fees on the Bitcoin network. The inscriptions are currently being dominated by BRC-20 token minting, with a total of 1.9 million that got minted just last week.
The reports coming out now are in contrast to the picture that was painted through reports from DappRadar last week that put out claims of a tank in the usage and sales volumes of Ordinals NFTs since their peak in May, which started conversations among crypto observers of a supposed death in the hype of Ordinals, the emergence of these reports have cleared those claims.
However, the reports that have come out are only tracking the sales and trading volumes of NFTs minted on the Bitcoin Network and not the reports of the actual inscription activities, which are reportedly still at a high level.
Conclusion
Bitcoin Ordinals protocol was launched in January, and the following months after its launch, it continued to take off with the hype not dying down. Thousands of the NFTs were consistently minted on the Bitcoin network, which led to a spike in their transaction fees and congestion. They both reached a peak around April and May.
Bitcoin Ordinals have not lost their momentum several months after their launch, even amid rumors of their hype having died down, the reports state otherwise.
