UpdatesFeb 17, 2023

The number of Ordinals inscriptions on the Bitcoin network exceeded 100,000 on Tuesday

Since the launch of this protocol, the number of supporters of digital items placed on the BTC blockchain has increased.

Ordinals is gaining more and more popularity. The number of inscriptions in the network of the oldest cryptocurrency has already exceeded 100,000. The creation of digital items on the BTC network is mainly possible thanks to SegWit and Taproot improvements. Recently, the founders of the NFT DeGods collection recorded 535 burned Solana non-fungible tokens on the Bitcoin blockchain.

The number of Ordinals inscriptions in the BTC network has exceeded 100,000

Although the launch of the Ordinals protocol aroused controversy among the Bitcoin community, it turns out that more and more users are interested in it. This project makes it possible to place non-fungible tokens (NFTs) on the Bitcoin blockchain.

According to the latest data, the number of Ordinals inscriptions exceeded 100,000 units on Tuesday, February 14. Both investors and major brands have started to rally to put new content on the BTC network with a new tool.

The criticism of the aforementioned protocol is related to the JPG files occupying space in the block space of the oldest cryptocurrency. In the opinion of some people, such action is nothing more than unnecessary spam within the leading cryptocurrency.

Recently, the creators of NFT under the name DeGods transferred their collection to the Bitcoin network using Ordinals. They burned 535 non-fungible tokens issued on the Solana blockchain. The founders of this collection admitted that they are long-time supporters of BTC, which is why they decided to enter their tokens in the blockchain of this digital currency.

The BTC price continues to increase

The oldest cryptocurrency experienced a price revival on its chart despite the uncertain situation on the digital currency market. Recently, the US Securities and Exchange Commission (SEC) accused another cryptocurrency company of selling unregistered securities. We are talking about the Paxos project, which cooperates with the Binance exchange to issue the Binance USD (BUSD) stablecoin.

Some investors may transfer their funds to the main virtual currency due to the fact that once the chairman of the SEC - Gary Gensler decided that BTC is not a security. Most altcoins, however, remain at risk of further repression by the US financial regulator.

The price of Bitcoin is currently around $24.4 thousand per coin. In the last 24 hours, its rate has increased by more than 7%. Other virtual currencies have followed BTC's lead, noting visible price rebounds on their charts.