The number of daily transactions on the Bitcoin blockchain has broken a new record, reaching over 408,000 transactions based on a seven-day moving average. This comes after the previous record of just over 406,000 transactions. Chinese journalist Colin Wu has also confirmed this record high, citing data from Glassnode that shows a seven-day average of 426,337.14 transactions.
The surge in Bitcoin transactions is attributed to the rise in Inscriptions, which are metadata added to satoshis, the smallest unit of Bitcoin. Inscriptions include digital entries on the distributed public ledger, and their daily count reached a new all-time high of more than 223,000, according to data from Dune Analytics. To date, there have been over 2.4 million Inscriptions, with total fees amounting to more than 213 coins.
Grayscale, the crypto asset manager, has suggested that the recent surge in activity around Inscriptions and Ordinals could be beneficial for the original Bitcoin blockchain. This comes despite Bitcoin’s reputation as an outdated blockchain technology, as the increase in popularity could indicate a shift in broader perceptions of Bitcoin. According to Grayscale, the Ordinals have the potential to bring positive impacts to the Bitcoin network in the long run by attracting a new wave of users and developers who are enthusiastic about embracing the Bitcoin community.
At present, the Bitcoin price is trading above USD 29,200 and has increased by more than 77% year-to-date.