Bitcoin Transactions Hit All-Time Highs: On-Chain Data Reveals Key Factor

Bitcoin‘s BTC/USD  daily transaction counts are soaring, hitting all-time highs and showing an explosive uptick in 2023, on-chain data shows.

What Happened: According to Glassnode on-chain analytics, inspection of Bitcoin’s memory pool indicates a noticeable shift this year, with a sharp fee pressure spike during FTX and sustained fee pressure throughout 2023.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

The fee pressure spikes align with three waves of inscriptions, popularly known as Ordinals, which saw people rushing to get inscriptions under the one million-mark. 

Get Started

Start Your Crypto Journey Today and Get $500 in Rewards

Exclusively for new Crypto.com App users, unlock up to $500 worth of rewards in the most popular tokens when you start trading.

Get Started

Bitcoin network's seven-day moving average transactions reached 426,337.14 on April 29.

Why It Matters: Glassnode data reveals that over 2.39 million Ordinals have been added to the Bitcoin ledger. This has resulted in the addition of 9.3GB in data and a payment of 212 BTC in fees.

Ordinal inscriptions are similar to NFTs that can be inscribed into the smallest denomination of a Bitcoin, Satoshi.

Price Action: At the time of writing, BTC was trading at $28,488, down 2.99% in the last24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Trade Mixed Amid Regulatory Uncertainty: Analyst Says Apex Crypto Isn’t Getting A Boost Despite Upbeat Mood On Wall Street