Resurgence in Bitcoin inscription demand: an overview
July 12, 2023

Resurgence in Bitcoin inscription demand: an overview

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Quick Take

Demand for inscriptions, such as Ordinals, the process of writing data into the blockchain via the Witness portion of a Bitcoin transaction, is experiencing a significant resurgence. Over the past few days, new counts have reached an upward trajectory, totaling upwards of 300,000 inscriptions. This surge has brought the total inscription count to over 16 million, marking a noteworthy milestone.

In the realm of data types, text continues to dominate the inscription landscape, retaining its top position. However, the image data type is not far behind, currently ranking second in distribution. This shift underscores the diversifying use cases of inscriptions within the blockchain space.

Moving on to financials, the cumulative fees generated by inscriptions have reached a considerable sum of 1,829 Bitcoin. Interestingly, despite this considerable amount generated by inscriptions, total transaction fees have returned to the standard levels seen prior to the inscription boom in early 2023. Currently, the total amount of fees paid to miners sits at approximately 16 Bitcoin, representing a significant reduction.

Overall, these trends underscore the dynamic nature of the blockchain landscape and its continual evolution as the demand for inscriptions rises, and the impact on transaction fees becomes more apparent.

Inscriptions: (Source: Glassnode)
Inscriptions: (Source: Glassnode)
Total Count: (Source: Glassnode)
Total Count: (Source: Glassnode)

The post Resurgence in Bitcoin inscription demand: an overview appeared first on CryptoSlate.

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