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.
