Bitcoin Sets New Record for Transactions Processed in a Single Day

On Sunday, Bitcoin's daily transaction count reached a new high, exceeding the previous record set during the 2017 bull market by almost 78,000 transactions, with over 568,300 transactions processed. Of these transactions, more than 307,000 were Ordinals, which marked a new single-day high and represented a 16% increase from the previous day. This means that Ordinals accounted for roughly 54% of Bitcoin's daily transaction count during its historical high.

Ordinals were introduced in January and allow for the attachment of data such as audio, art, and video games to individual satoshis, the smallest unit of BTC. This creates a distinct digital asset, similar to an NFT based on Ethereum, but with the associated data stored entirely on the Bitcoin blockchain. Glassnode reports that over 2.39 million Ordinals have been inscribed so far and that they make up approximately 30% to 40% of processed transactions and 10% to 20% of the fees paid.

Aside from Ordinals, Glassnode notes that the majority of Bitcoin transactions at present are financially motivated, frequently instigated by cryptocurrency exchanges. This surge in Bitcoin transactions, particularly those involving Ordinals, highlights the growing popularity of blockchain-based assets as a means of transacting and storing value. It also underscores the mainstream acceptance of cryptocurrencies as a legitimate asset class, further boosting the overall growth and adoption of the cryptocurrency ecosystem.

Source: https://coinmarketcap.com/