Bitcoin: Here’s how interest in Ordinals touched new highs

Journalist

Posted: November 17, 2023

• Interest in Ordinals grew as BTC’s price moved in a positive direction.
• Wisdom Tree continued to push for its ETF, continuing its conversation with the SEC.

After its prices began to pick up momentum, the overall state of the Bitcoin [BTC] network started to move in a positive direction. Aided by the price hike, Inscriptions also started to gain attention.

People start to move towards Ordinals

According to AMBCrypto’s analysis of Galaxy Research data, it was revealed that fees from Bitcoin Inscriptions exceeded 2,500 BTC on 16th November, with over 80% tied to BRC-20 text Inscriptions.

Cumulative fees generated from #Bitcoin inscriptions exceeded 2,500 BTC on Thursday, November 16. Over 80% of all fees paid on the network for inscriptions have been for BRC-20 type inscriptions, which are text-based inscriptions. pic.twitter.com/0eXkE9aq1C

— Galaxy Research (@glxyresearch) November 16, 2023

Bitcoin ordinals, created by Casey Rodarmor, are NFTs attaching digital content to a unique satoshi, equivalent to 100 millionth of a bitcoin.

Ordinals gained traction despite launching in a bear market, minting 1.14 million digital artifacts in the first 200 days.

However, Ordinals’ minting activity, while significant, is lower than NFTs on Ethereum, Solana, and Polygon.

Miners get a piece of the pie

In H1 2023, miners accumulated 8,684 BTC in fees, with inscription transactions contributing 20%.

Despite Ordinals forming 46% of Bitcoin transactions, their share in transaction fees dropped from 30% to 12%.

While Ordinals transactions don’t command the highest fees, they caused a backlog in the Bitcoin mempool since 22nd April, 2023, marking the longest uncleared mempool streak since early 2021.

More people using BTC and paying fees for adding things to it shows that Bitcoin is getting busier. Even when things are hard in the money market, projects like Ordinals show that Bitcoin can still bring in new ideas and users.

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ETF season

Moreover, interest in ETFs was also rising. WisdomTree, an investment company, sent a changed plan for a BTC ETF to the U.S. SEC, according to Bloomberg’s ETF expert James Seyffart.

As talks around Bitcoin ETFs rise, the impact of these ETFs on the price could also grow. At press time, BTC was trading at $36,424.78. Over the last 24 hours, the price of BTC fell by 2.9%.

Source: Santiment