{"id":21002,"date":"2023-05-16T18:11:56","date_gmt":"2023-05-16T18:11:56","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-ordinal-inscriptions-surpass-7-million-mark-fueling-the-trends-unstoppable-momentum-bitcoin-news\/"},"modified":"2023-05-16T18:11:56","modified_gmt":"2023-05-16T18:11:56","slug":"bitcoins-ordinal-inscriptions-surpass-7-million-mark-fueling-the-trends-unstoppable-momentum-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-ordinal-inscriptions-surpass-7-million-mark-fueling-the-trends-unstoppable-momentum-bitcoin-news\/","title":{"rendered":"Bitcoin’s Ordinal Inscriptions Surpass 7 Million Mark, Fueling the Trend\u2019s Unstoppable Momentum \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On May 15, 2023, the number of Ordinal inscriptions surpassed the 7 million mark and as of 9:00 a.m. Eastern Time on Tuesday morning, 7,204,882 Ordinal inscriptions have been added to the Bitcoin blockchain. Miners have collected 1,324 bitcoin in fees by confirming inscription transactions which equate to roughly $35.86 million in added onchain fees.<\/strong><\/p>\n

Bitcoin\u2019s Inscription Frenzy: Over 7 Million Ordinal Inscriptions and Counting<\/h2>\n

The unstoppable momentum of Bitcoin\u2019s Ordinal inscriptions continues to defy detractors, surging past several milestones. With over 7 million inscriptions now firmly embedded in the blockchain, any skepticism toward demand surrounding this trend is being shattered. Today, on May 16, 2023, the tally stands at 7,204,882<\/a> inscriptions since the inaugural one occurred on December 16, 2022.<\/p>\n

\"Bitcoin's<\/p>\n

The world of inscriptions experienced a significant acceleration on April 21, 2023, when the count stood at a mere 1.24 million<\/a>. In just 25 days since then, the number of Ordinal inscriptions has skyrocketed by over 480%, signaling an astonishing surge. Notably, May 7, 2023, emerged as the pinnacle of this inscription frenzy, with a record-breaking influx of inscriptions. It was on this day that Bitcoin\u2019s mempool found itself congested<\/a> with an overwhelming 500,000 unconfirmed transactions, a testament to the overwhelming demand and activity in the system.<\/p>\n

30-Day Sales Stats Show Bitcoin\u2019s Ordinal Inscriptions Have Bolstered NFT Market<\/h2>\n

Bitcoin miners have been handsomely rewarded for their role in processing inscription transactions, receiving 1,324 bitcoins (BTC<\/a>) valued at $35.86 million. Notably, the pinnacle of these fees was witnessed on May 7, coinciding with the day when Bitcoin\u2019s network fees surpassed<\/a> the 6.25 BTC<\/a> block subsidy. Intriguingly, the majority of Ordinal inscriptions take the form of plain text rather than JPEG images, with an overwhelming count of 6,402,199<\/a> inscriptions embracing the plain text format.<\/p>\n

The realm of selling NFT collections has proven profitable for Ordinal inscriptions, amassing $93 million in sales over the past 30 days. As a result, Bitcoin has ascended to become the second-largest blockchain in terms of NFT sales this month, according to 30-day statistics from cryptoslam.io. Notably, the market has recorded sales from popular Ordinal collections<\/a> such as Pixel Pepes, Sub100k, Bitcoin Frogs, Space Pepes, Bitcoin Punks, and Sub10k. Out of the six highest-priced NFTs sold this month, five have emerged from the fertile grounds of the Bitcoin blockchain\u2019s Ordinal inscribing technology.<\/p>\n

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Bitcoin<\/a>, Bitcoin NFTs<\/a>, Bitcoin Ordinals<\/a>, Blockchain<\/a>, BTC NFTs<\/a>, Cryptocurrency<\/a>, Demand<\/a>, Fees<\/a>, market<\/a>, Miners<\/a>, NFT sales<\/a>, Onchain<\/a>, Ordinal inscriptions<\/a>, Surge<\/a><\/div>\n<\/div>\n

What are your thoughts on Bitcoin\u2019s surge in Ordinal inscriptions and its impact on the NFT market? Share your insights and opinions in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Dune Analytics <\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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