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Bitcoin Transactions Hit Record High as Inscriptions Demand Increases

Daily transactions on the Bitcoin blockchain have achieved a new all-time high, according to a seven-day moving average. Data from The Block reveals that the on-chain metric exceeded 408,000 transactions, surpassing the previous record of just over 406,000.


Chinese Reporter Confirms Record High

Chinese journalist Colin Wu has also observed the record high, reporting a seven-day average of 426,337.14 transactions from Glassnode data. This confirms the significant increase in daily transactions on the Bitcoin blockchain.

Inscriptions Drive Increased Block Space Demand

The surge in Bitcoin's daily average transaction count may be linked to the rise in Inscriptions, which have increased the demand for block space on the leading blockchain. Inscriptions are metadata added to satoshis, the smallest unit of Bitcoin, and can include digital entries on Bitcoin's public ledger.

Daily Inscriptions Reach New All-Time High

Dune Analytics data indicates that daily Inscriptions reached a new all-time high of more than 223,000. To date, there have been over 2.4 million Inscriptions, with Ordinals' total fees amounting to more than 213 coins.

Changing Perceptions of Bitcoin

Crypto asset manager Grayscale suggests that the growth in Ordinals and Inscriptions may positively influence the perception of Bitcoin. This "unexpected surge in popularity" could indicate a change in the broader perception of the cryptocurrency, despite concerns over its reputation as an "ossified blockchain."

Bitcoin Price Continues to Rise

The price of Bitcoin is currently trading above $29,200, representing a more than 77% increase year-to-date. The growth in transactions and Inscriptions may attract new users and developers to the Bitcoin community, further boosting the digital currency's value.