Bitcoin Ordinals Record 1M Inscriptions Amid BRC-20 Hype

Bitcoin Ordinals have surpassed the one million mark, bagging miners millions in fees.

Man sitting new to an old computer with Bitcoin Ordinals inscriptions making a new recording.
  • Bitcoin Ordinals have surpassed one million inscriptions.
  • Ordinals recently set a new all-time high in daily inscriptions. 
  • Ordinals have seen significant demand since the launch of exciting protocols. 

Thanks to its solid start to the year, Bitcoin Ordinals are showing no signs of slowing down. Interest in the technology continues to grow as major projects swarm in to leverage the hype. Users are flocking in large numbers, helping Ordinals set new records. 

After registering a new all-time high in daily inscriptions, the technology has reached another major milestone – one million inscriptions. 

Breaking One Million

On Sunday, April 11, Bitcoin Ordinal inscriptions surpassed the one million mark, bagging miners over 170 BTC or approximately $5.1 million in total fees, according to Dune Analytics.

Ordinal inscriptions have seen significant demand since their inception on January 21. However, interest in the technology significantly increased after a pseudonymous on-chain analyst released a new token standard called “Bitcoin Request for Comment” (BRC-20). 

On April 2, Bitcoin set a new all-time high, with inscriptions on the network peaking at over 72 thousand in a single day. However, two days later, on April 4, Bitcoin broke its record, registering over 76 thousand inscriptions in 24 hours. 

Diagram of Bitcoin Ordinals Inscriptions.

Bitcoin Ordinals Inscriptions Overtime. Source: Dune Analytics

Since then, Ordinals have consistently registered over 30,000 inscriptions daily.

The new token standard has proven to be a game changer for the network, allowing it to operate similarly to Ethereum. BRC-20 allows users to inscribe JSON code on satoshis to deploy token contracts, mint tokens, and transfer tokens on Bitcoin. 

Diagram of Bitcoin Ordinals Inscriptions types.

Bitcoin Ordinals Inscriptions by Type. Source: Dune Analytics

The new token standard has led to a significant increase in text-based Ordinal inscriptions. At press time, text-based Ordinals make up 47.9% of all Ordinals, whereas image-based Ordinals constitute a smaller proportion of 34.6%.

On the Flipside

Why You Should Care

Bitcoin Ordinals adds more utility to the ecosystem by introducing newer and more secure ways to use it. With interest in Ordinals spreading rapidly, Bitcoin could follow a trajectory similar to Ethereum’s in 2021. 

Read more about Bitcoin Ordinals:

Bitcoin Ordinals Record New Highs Amid BRC-20 Hype

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a crypto journalist at DailyCoin who specializes in NFTs, Metaverse, and Web Gaming. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.