Bitcoin Records Over 12 Million Transactions, Miners Accumulate $46 Million While BRC20 Market Cap Faces Decline
The latest figures reveal over 12.49 million Ordinal inscriptions have been recorded on the Bitcoin blockchain. However, the BRC20 economy is experiencing a significant decline in value as a result of Bitcoin’s recent price plunge throughout the past week.
By Anna B Kiwanuka
The Bitcoin blockchain has reached a significant milestone with over 12 million inscriptions, surpassing the 12 million mark to reach approximately 12,494,695 inscriptions. However, this surge has resulted in a backlog of more than 300,000 unconfirmed transactions.
Bitcoin miners have been busy confirming these inscriptions, including financial transfers and other types of transactions, earning 1,737.50 BTC valued at $46.10 million. The majority of inscriptions (90.7%) consist of plain text, while the rest are composed of various file formats.
Despite the increasing number of inscriptions, the BRC20 economy has experienced a decline in value. Current data shows that there are 34,296 BRC20 tokens valued at $141.97 million, with a 24-hour trade volume of $25.51 million. This represents a significant drop from the previous valuation of nearly half a billion dollars.
The decline in the BRC20 market has affected the values of top tokens, such as ORDI and PEPE. ORDI, which was valued at $11.36 per unit on June 3, has now dropped to $6.263 per token. Similarly, PEPE has fallen from $0.20 to $0.050 per token during the same period.
Despite the market downturn, the number of BRC20 tokens has seen significant growth, increasing by over 38% since June 3. Several marketplaces continue to facilitate active trading of BRC20 tokens and inscriptions.
Sales of Bitcoin-based non-fungible tokens (NFTs) have also decreased by more than 22% in the past week, totaling $21.49 million. The highest-priced NFT sold during this period was a Bitcoin-based “uncategorized Ordinal,” which fetched $3.52 million.
Ethereum users have also been given another way to create nonfungible tokens (NFTs) and other digital assets on the blockchain with the launch of a new protocol. Launched on June 17, the protocol, dubbed “Ethscriptions,” is a nod to the Bitcoin Ordinals protocol.
Ethscriptions was developed by Tom Lehman. Lehman declared the project a huge success and has noted nearly 30,000 Ethscriptions have been created within the first 18 hours of the protocol going live.