Ordinals still popular despite Bitcoin (BTC) price drop
Activity on the network of the oldest cryptocurrency has been currently dominated by bitcoin NFTs and BRC-20.
A simple observation coming from the Bitcoin ecosystem recently is that Ordinals has continued to be popular over the past week, despite the apparent decline in BTC value. The on-chain data shows that at the stage of August 21 this year, both bitcoin NFTs and BRC-20 together accounted for as much as 85% of the activity in the network of the oldest digital currency.
Ordinals still enjoy considerable popularity
Data from the analytics company Dune Analytics confirms the easy-to-see trend of continued interest in bitcoin NFTs. The data aggregated by the company mentioned above shows that on August 20, 2023, over 75% of the current BTC network activity was directly related to Ordinals.
It is worth noting that the well-known cryptocurrency analyst Eric Wall additionally mentioned that only in the last week as much as 54% of the total transaction volume in the network of the largest of the virtual currencies were Ordinals. After studying the data from Dune Analytics, it is easy to conclude that at the moment the total number of Ordinals is 25.5 million. This situation, in turn, led to the generation of USD 53.2 million in fees on the network of this digital currency.
Demand for the BRC-20 remains high
Another interesting fact is that the demand for the BRC-20 has been very high recently. This is because as many as 1.9 million such tokens were minted last week. The observations cited above show a completely different situation on the market than the report published by DappRadar 17 at the August 2023 stage. This is due to the fact that experts stated in the aforementioned report that the use of Ordinals and volumes decreased significantly from the peak recorded in mid-May of this year. This, in turn, apparently prompted some members of the digital currency community to make the otherwise obvious statement that the hype surrounding Bitcoin NFTs has slowly begun to die down.
It is worth adding here that the data from the report, however, took into account such parameters as the sale and trading volume of NFTs minted in the BTC network, ignoring the actual inscription activity, which is still at a high level.
In conclusion, it is worth recalling that the Bitcoin Ordinals protocol was launched at the beginning of 2023. The etymology of this project is that in the following months it gained more and more publicity in the digital currency community, which led to the sudden demand causing congestion in the network of the oldest cryptocurrency and a significant jump in the amount of transaction fees.
