Bitcoin transactions reach record high as Inscriptions surge

The daily number of transactions on the Bitcoin blockchain reached a new all-time high yesterday when tracked using a seven-day moving average.

According to The Block's data, the on-chain metric reached a record high of over 408,000 transactions. The previous record was just over 406,000.

Chinese reporter Colin Wu also noticed the record high, citing a seven-day average of 426,337.14 transactions from Glassnode data.

Ordinals Inscriptions continue to climb

The record-high daily average transaction count on Bitcoin may be related to Inscriptions — which have increased demand for block space on the leading blockchain.

Inscriptions are the metadata added to satoshis, the smallest unit of bitcoin. They may include information as digital entries on Bitcoin's distributed public ledger.

Daily Inscriptions reached a new all-time high yesterday of more than 223,000, according to data from Dune Analytics.

The number of daily Inscriptions for Ordinals hit a new all-time high. Source: Dune Analytics / @dgtl_assets

There have been more than 2.4 million Inscriptions to date — and Ordinals' total fees amount to more than 213 coins.

'A shift in the broader perception of Bitcoin'

According to Grayscale, the activity surrounding Ordinals and Inscriptions may be good for the OG blockchain. The crypto asset manager wrote that the "unexpected surge in popularity may indicate a shift in the broader perception of Bitcoin, despite its reputation as an ossified blockchain."

"While legitimate concerns exist, we believe that ordinals have the potential to positively impact the Bitcoin network in the longer-term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community," it added.

The bitcoin price is currently trading above $29,200 and is up more than 77% year-to-date.

The price of Bitcoin is up 77% year-to-date. Source: TradingView