- Interest in ordinals grew as the price of BTC moved in a positive direction.
- Wisdom Tree continued to push for its ETF and continued its discussions with the SEC.
After its prices began to gain momentum, the overall state of Bitcoin changed [BTC] The network began to develop in a positive direction. Aided by the rise in prices, inscriptions also gained increasing attention.
People are starting to move towards ordinals
According to AMBCrypto’s analysis of Galaxy Research data, Bitcoin inscription fees were found to exceed 2,500 BTC on November 16, with over 80% tied to BRC-20 text inscriptions.
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The cumulative fees generated by #Bitcoin inscriptions exceeded 2,500 BTC on Thursday, November 16th. Over 80% of all fees paid for inscriptions on the network were for BRC-20 inscriptions, which are text-based inscriptions. pic.twitter.com/0eXkE9aq1C
— Galaxy Research (@glxyresearch) November 16, 2023
Bitcoin Ordinals, created by Casey Rodarmor, are NFTs that attach digital content to a unique Satoshi equivalent to the 100 millionth Bitcoin.
Ordinals gained traction despite launching in a bear market, minting 1.14 million digital artifacts in its 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 the first half of 2023, miners collected 8,684 BTC in fees, 20% of which came from listing transactions.
Although atomic numbers account for 46% of Bitcoin transactions, their share of transaction fees fell from 30% to 12%.
Although Ordinals transactions do not incur the highest fees, they have caused a backlog in the Bitcoin mempool since April 22, 2023, marking the longest unresolved mempool stretch since early 2021.
More and more people are using BTC and paying fees to add things, which suggests that Bitcoin is becoming more and more popular. Even when the money market is difficult, projects like Ordinals show that Bitcoin can still attract new ideas and users.
Is your portfolio green? Check out the BTC profit calculator
ETF season
In addition, interest in ETFs also increased. WisdomTree, an investment company, has submitted a revised plan for a BTC ETF to the US Securities and Exchange Commission (SEC), according to Bloomberg’s ETF expert James Seyffart.
As discussions about Bitcoin ETFs increase, the influence of these ETFs on price could also increase. At press time, BTC was trading at $36,424.78. In the last 24 hours, the price of BTC has fallen by 2.9%.
Source: Santiment
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