- The total number of subscriptions on the Bitcoin blockchain has passed 24 million.
- Bitcoin NFTs were no longer in the top five by volume.
The past months, Bitcoin ordinal numbers witnessed an interplay of highs and lows, marking significant shifts in the ecosystem. At the time of writing, more than 24 million inscriptions have been minted in total.
Read Bitcoins [BTC] Price prediction 2023-2024
Bottoms through the tops
Dates from Dune analysis showed that BTC Ordinals crossing the 24 million milestone could be linked to a walk in daily inscriptions. On August 14, the daily inscriptions hit on the Bitcoin blockchain were 317,350. This represented the highest number of the past week.
Source: Dune analysis
But before the recent surge, Bitcoin Ordinals witnessed a low season. For example, the number of registrations on July 2, 12 and 22 was at an extremely low level and did not get any closer to the peaks. The situation continued on 7 and 8 August.
The decline in the times mentioned above explains how interest in Bitcoin Ordinals declined. Moreover, the activity rate was also not as impressive as in the first quarter (Q1). So the drop meant that the creation of Bitcoin-native Digital Artifacts by users declined.
Recall that Ordinals, put forth by Casy Rodarmor, appeared around the first three months of the year. And despite the controversy surrounding its application to the Bitcoin network, it is adoption skyrocketed.
A twist of fate for Ordinals
Introduction recursive inscriptions to the blockchain had a significant impact on the technology. For context, recursive inscriptions are features of the Bitcoin blockchain that allow for the creation of complex data structures that can be stored on the blockchain.
In addition, developers noted that they will create a series of scripts with the introduction of recursive scripts in July. In addition, each of these references was previously created from existing inscriptions.
As a result, thousands of recursive inscriptions reached the Bitcoin blockchain. At the time of writing, assets subscribed in text format topped the subscription created so far. Images came in second, while applications didn’t account for much.
Source: Dune analysis
Despite earning a whopping $56 million fees, Bitcoin Ordinals have been pulled from the top of the NFT. At some point, Bitcoin NFT will be sold threatened to take Ethereum [ETH] from the top spot.
Realistic or not, here it is The market cap of ETH in BTC terms
Unfortunately, the blockchain has not been able to sustain that momentum. At the time of writing, Bitcoin had dropped to 7th place in terms of the volume registered by any blockchain. The drop reinforced the idea that interest in Bitcoin Ordinals and NFTs in general had waned.