Bitcoin Crushes Ethereum NFT Sales with $669 Million Surge

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Bitcoin Crushes Ethereum NFT Sales with $669 Million Surge

The Bitcoin blockchain continues to be a fascinating arena for innovation and activity, and recent developments have left the crypto community astir. In particular, the surge in Ordinal inscriptions has taken center stage, with the blockchain achieving its third-highest daily record on January 13, 2024. With over 55 million Ordinal inscriptions and miners capitalizing on this trend, it’s time to delve into the details of this remarkable phenomenon.

TL;DR – Key Takeaways:

  • Bitcoin’s Ordinal inscriptions surpassed 55 million, with a significant surge in activity on January 13, 2024, marking the third-highest daily record.
  • Miners have amassed $246 million worth of Bitcoin from these inscriptions since December 2022.
  • Inscription-based transactions accounted for a substantial percentage of all miner-confirmed transfers during this surge.

A Record-Breaking Surge

From December 28, 2023, to January 12, 2024, the Bitcoin blockchain witnessed a moderate deceleration in the pace of daily Ordinal inscriptions. However, the scene changed dramatically on Saturday, January 13, 2024, when the blockchain recorded a staggering 477,751 inscription-based transactions. This date stands as the third-largest in terms of inscriptions, capturing the attention of crypto enthusiasts worldwide.

On this remarkable day, approximately 652,483 transactions were processed, with inscriptions making up an impressive 73.22% of all miner-confirmed transfers. This surge in inscriptions continued into Sunday, January 14, 2024, with the blockchain incorporating an additional 446,783 inscriptions. An astounding 75.49% of the 591,806 verified transfers on that day were inscription-based.

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Miners’ Bounty: $246 Million

The surge in inscriptions has not only set records but also translated into significant financial gains for miners. Since the inception of the first inscription in December 2022, miners have accumulated a staggering 5,750 BTC, valued at $246 million based on current exchange rates. This impressive bounty showcases the financial opportunities presented by blockchain inscriptions.

Moreover, miners have reaped substantial fees from inscriptions. On January 13, fees totaling approximately $2.7 million were paid to miners, and the following day saw an additional $4.94 million in fees. Notably, on December 16, 2023, miners secured a whopping $9.9 million in fees from inscriptions. This underscores the financial incentive for miners to actively engage with inscription-based transactions.

The Rise of Recursive Ordinal Inscriptions

Within the realm of Ordinal inscriptions, a new trend has emerged – recursive ordinal inscriptions. These entail retrieving and incorporating data from existing inscriptions to craft new ones, adding layers of complexity to blockchain interactions. Data reveals that there are now 278,296 recursive inscriptions on the Bitcoin blockchain, reflecting the growing sophistication of the crypto community.

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Bitcoin’s Dominance in NFT Markets

In the past 30 days, Bitcoin has taken the lead in NFT sales, boasting a staggering $669.53 million in digital collectible sales. This surpasses Ethereum, which was previously the frontrunner in NFT blockchain, recording $321.18 million in sales during the same period. On a weekly basis, BTC’s lead over Ethereum remains marginal, with sales reaching $99.68 million, narrowly surpassing Ethereum’s $94.42 million.

 

In conclusion, the surge in Ordinal inscriptions on the Bitcoin blockchain is a testament to the ever-evolving and vibrant nature of the cryptocurrency space. Miners are reaping the rewards, and the rise of recursive inscriptions adds a layer of complexity to blockchain interactions. Additionally, Bitcoin’s dominance in NFT markets further solidifies its position as a force to be reckoned with in the world of digital assets. As the crypto landscape continues to evolve, Bitcoin’s impact remains undeniable.

Source: Bitcoin.com

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