Resurgence in Bitcoin inscription demand: an overview

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.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

@jvs_btc LinkedIn Email James

Latest Insights

Bitcoin ETFs bring in over $6 billion in November after another $1 billion day

Data via Glassnode 17 hours ago

Solana hits new $264 all-time high as DEX volume reaches $100 billion monthly milestone

17 hours ago

US Bitcoin ETFs surpass $100 billion, pose challenge to largest Bitcoin holders

1 day ago

Latest Alpha Market Report

Available exclusively via

Polymarket: A revolution in prediction markets

Andjela Radmilac · 1 hour ago

CryptoSlate's latest report dives deep into Polymarket's evolution, its pivotal role in high-stakes prediction events like US elections, and the implications of its controversies on its market position.