Interest in Bitcoin is reaching new heights with a particular focus on “Ordinals,” a unique form of NFT (non-fungible token) that links digital content to small fractions of BTC, known as “satoshi.”
Amid the Bitcoin price rally, Ordinals have attracted attention, especially after registering registration fees of more than 2,500 BTC on November 16, where more than 80% of these fees correspond to BRC-20 type registrations, mainly text based.
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
Created by Casey Rodarmor, Ordinals have gained traction even after launching in a bear market. In its first 200 days, 1.14 million of these digital assets were created.
Although its activity is significant, it is lower than that of NFTs on networks such as Ethereum, Solana and Polygon.
Bitcoin Ordinals’ Contribution to Transaction Fees has Decreased From 30% to 12%
However, this decrease does not reflect their importance, as they have contributed to congestion in the Bitcoin mempool, marking a prolonged streak of unprocessed transactions since the beginning of 2021.
This increase in activity, including the use of Ordinals and paying fees to add content to the network, indicates growing activity in Bitcoin even during challenging times in the financial markets.
In addition to the focus on Ordinals, there is growing interest in BTC exchange-traded funds (ETFs).
The growing interest in Bitcoin ETFs marks a crucial phase in the evolution of the leading cryptocurrency. Against this backdrop, WisdomTree, an investment firm, has submitted a modified plan for a BTC ETF to the US Securities and Exchange Commission, according to Bloomberg ETF expert James Seyffart.
This move towards the approval of Bitcoin ETFs is significant, as there is speculation about the potential impact these funds could have on the price of Bitcoin. As conversations surrounding ETFs intensify, it is expected that their approval and launch could exert a notable influence on Bitcoin market dynamics in the near future.
Meanwhile, the current price of BTC stands at $36,050.78 according CoinMarketCap, reflecting a 2.8% decrease in the last 24 hours. This landscape of price volatility, combined with continued interest in ETFs, signals a dynamic and evolving scenario for Bitcoin in the financial markets.
