Ordinals still lead in Bitcoin transactions despite BTC's recent collapse

Come to our Telegram channel to stay up to date with the latest news

Contents

The main use case of Bitcoin Chain is Ordinals – Udi Wertheimer Bitcoin Ordinals Enrollment Exceeds 25 Million in Fees Bitcoin Price Drops 0.65%Related articles

Bitcoin’s collapse to below $26,000 hasn’t deterred Ordinals. Bitcoin’s fundamental units, similar to NFTs, still make up 85% of total BTC transactions, refuting claims that the hype behind Bitcoin NFTs has died.

The news came from Ordinals developer “Leonidas” who revealed that 450,785 transactions out of 530,788 transactions of Bitcoin in the past day were related to Ordinals.

“While everyone says ‘Ordinals are dead,’ they account for 84.9% of activity on Bitcoin,” he tweeted.

In the past 24 hours, Bitcoin has had 530,788 transactions.

450,785 of those transactions involved Ordinals.

Amidst everyone claiming that “Ordinals are dead”, they literally account for 84.9% of the activity on Bitcoin.

You can’t make this stuff up.

— Leonidas (@LeonidasNFT) August 20, 2023

Dune Analytics supports this trend, which has reported that more than 400,000 ordinal entries arrived on August 20, despite 556,000 Bitcoin transactions that day.

The main use case of Bitcoin Chain is Ordinals – Udi Wertheimer

Udi Wertheimer, a crypto influencer with over 177,000 followers, supported this news, stating that ordinal numbers are the Bitcoin chain’s primary use case.

85% of on-chain bitcoin transactions in the last 24 hours are related to ordinal numbers

EIGHTY-FIVE PERCENT

the main use case of the bitcoin chain is ORDINALS pic.twitter.com/PCZt4if5jf

— Udi Wertheimer (@udiWertheimer) August 20, 2023

His bullish cries of “I am Bitcoin Chain Now” were echoed by several followers, including BitGod and Timothy. @smokes_eth added that it’s an “incredible statistic.”

I AM THE BITCOIN CHAIN NOW

— BitGod (@BitGod21) August 20, 2023

But now everyone was on the same wavelength. Kristan Kho, a writer on CoinGecko, responded to this tweet saying, “Bitcoiners are making it.”

Bitcoin Ordinals Enrollment Exceeds 25 Million in Fees

Amid news of a significant portion of the transactions, Dune analysis also reported more than 25 million Bitcoin subscriptions, matching the all-time daily record of 422,164 on July 14.

Similar to NFTs, Ordinals are inscribed in Bitcoin’s smallest denominations, Satoshis. The protocol was launched in January, leading to many thousands of notes on Bitcoin. Bitcoin also had a primary bullish wave around this time in 2023.

Of the 25 million inscriptions, recursive inscriptions – upgrade on Ordinals – account for 140,000. Recursive memories allow developers to use data from the last notes in new ones, bypassing the size of Bitcoin blocks.

Bitcoin Price Drops 0.65%

Bitcoin suffered another marginal price battle today, falling 0.65% in the past 24 hours. At the time of writing, the BTC price is just below $26,000.

This downturn is accompanied by a 10% increase in trading volume, which now stands at $10.6 billion.

According to Ali, a crypto analyst with nearly 30,000 followers on Twitter, Bitcoin needs to reach $31.7k to achieve a bullish reversal trend. Ali used the Parabolic SAR to estimate, which recently moved above $BTC on the weekly chart.

#Bitcoin | The Parabolic SAR has moved up $BTC price on the weekly chart. This is often interpreted as a potential bearish signal, indicating a downtrend.

Based on this indicator #BTC must close above USD 31,700 to signal a bullish trend reversal. pic.twitter.com/g8MgsyyUkv

— Ali (@ali_charts) August 19, 2023