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The significant growth that Bitcoin Ordinals Inscriptions have seen in the last several months is nothing short of extraordinary. On so many instances, different metrics have shown how the introduction of ordinals has taken the industry by storm. Now, the trading volume of Bitcoin Ordinals have jumped by more than $210 Million in the recent quarter over the blockchain network.
Jump of Over 2800% in Bitcoin Ordinals Trading Volume
According to the latest DappRadar report, the popularity of newly created inscriptions of Bitcoin Ordinals on the blockchain resulted in the significant growth in trading volume. During Q1 2023, the Ordinals had a trading volume of $7.18 million, which by Q2 2023 rose to $210.7 million which is a 2834% growth quarter over quarter.
During the second quarter of this year ending June, the overall trades were 555K which includes around 150K unique trades. These trades had their roles in pushing the trading volume to notable levels.
Launched in January this year, Bitcoin Ordinals brought a whole new use case over the Bitcoin blockchain network. Soon, engraving data like images, videos, etc. on the individual Satoshi became widely popular. The broader non-fungible token (NFT) landscape has seen Bitcoin based digital art pieces rise.
The Bitcoin network surpassed Solana, which was home for popular NFTs, in May 2023. The biggest cryptocurrency network became the second-most popular blockchain in terms of NFTs. Now it is behind only Ethereum in terms of NFT trading volume.
Activities on the Bitcoin network also surged given the increased trades of Ordinals. It was reported that cryptocurrency miners managed to accumulate about $184 Million in mining fees in Q1 2023. Both Ordinals and BRC-20 tokens played a crucial role in pushing the mining fees at the level beyond what they were in 2022.
Given the newly introduced features over the first cryptocurrency blockchain, the Bitcoin community has harbored different views. The maximalists oppose the move of updating the network for uses other than the transaction of value. On the other hand, several members found it interesting the network was getting compatible with trendy changes like NFTs through Ordinals.
The Taproot upgrade on the Bitcoin network made the launch of Ordinals possible since it facilitated every satoshi, the smallest unit of a BTC, to carry some data.
Bitcoin Price Holding High Grounds
Bitcoin (BTC) price is also trading at high levels over the past several months. Recently, the price of the flagship cryptocurrency hit $31K achieving the 14-months high. The surge in the Bitcoin price seems to take place in the wake of multiple exchange-traded funds (ETFs) filed by some prominent traditional finance firms including BlackRock, Fidelity Investments, Invesco, etc. stepped towards filing spot Bitcoin ETFs.
Currently, the BTC price is trading at $30,212 with a slight gain of 0.37% in the last 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
