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Bitcoin's Ordinal Inscriptions Surge to Second-Highest Daily Count, Causing BTC Transaction Spike

As September 2023 waned, there was a noticeable dip in the creation of Ordinal inscriptions, but as the month of October closed, a significant rebound occurred. This upward trend peaked on November 4, 2023, when the Bitcoin blockchain recorded the second-highest daily total of Ordinal inscriptions minted within a single day.

Second-Highest Bitcoin Inscriptions Recorded, Catalyzing Transaction Frenzy and Mempool Backlog

On the morning of November 5, 2023, at block height 815,455, the Bitcoin blockchain boasted a tally of approximately 37,868,190 Ordinal inscriptions. This follows a trailblazing day on September 15, 2023, when the blockchain hit a record-setting stride with 440,760 inscriptions in 24 hours.

Yet, it was November 4, 2023, that clinched the title for the second-highest one-day total, with 433,471 new inscriptions, surpassing the previous runner-up day of July 30, 2023, which had 422,164. This uptick in inscriptions on November 4 not only marked a significant day for Ordinal inscriptions but also sent the Bitcoin transaction activity soaring, making it the second-busiest day in Bitcoin’s history for overall transactions.

The record for the most BTC transactions verified in a single day was set on September 15, 2023, with miners confirming 703,692 transactions.

On November 4, 698,917 transactions were verified and added to the blockchain, a figure that eclipsed the previous high of 682,281 transactions on May 1, 2023. Looking back about 106 days, from the debut of inscriptions in December 2022 to July 22, 2023, bitcoin miners had accumulated 1,847 BTC in transaction fees from inscriptions.

As of today, that sum has increased to 2,201 BTC, indicating that from inscriptions alone, miners have raked in an additional 354 BTC since late July. During that period in July, the number of Ordinal inscriptions anchored to the blockchain was 18.67 million; now, that count has more than doubled by 19.19 million inscriptions.

With the resurgence of daily Ordinal inscriptions climbing to new highs, the Bitcoin network’s backlog of pending transactions has swelled to 166,000, at a block height of 815,457. Presently, BTC network fees for block space between “no priority” to “high priority” are between $0.29 to $1.86 per transaction.

What do you think about the record-setting number of inscriptions that occurred on November 4, 2023? Share your thoughts and opinions about this subject in the comments section below.

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