Bitcoin Transaction Volume Falls Due to Ordinals Decreasing Popularity
There has been a decrease in the average weekly transaction volume to approximately 283,000, the lowest since February.
This decline coincided with a decrease in activity in the Ordinals segment. In 2023, a developer known as domo introduced BRC-20, an experimental standard for fungible tokens on the Bitcoin blockchain.
This led to a capitalization of over $1 billion for assets created on its basis. By August, 85% of Bitcoin NFT transactions were being conducted on the network, while by September, both Ordinals and BRC-20 had filled digital gold blocks to a full 100%.
Since the launch of the protocol, a total of 35.2 million inscriptions have been created, with a total volume of 13.1 GB, and miners have received 1312 BTC in commissions.
However, Dune Analytics reports that since the end of September, the number of new Ordinals has dropped to levels similar to those seen in April.
