Over the weekend, the cumulative number of Ordinal inscriptions briefly passed the 36 million mark, signaling the end of a month-long downturn in daily onchain inscription minting.
From dips to spikes, Bitcoin Ordinal numbers spark an onchain resurgence
In the 33 days from September 24, 2023, the Ordinal inscriptions sector saw a marked decline, representing a stark contrast to September 15, when 440,760 Ordinal inscriptions were minted over a period of just 24 hours.
The next period was characterized by a significant decline, reaching its lowest point on October 13, with fewer than 10,000 inscriptions minted. A week later, however, there were gusts of wind signaling a potential renaissance of Ordinal inscriptions. On October 24, approximately 74,257 lines of text were included in the Bitcoin blockchain.
Source: Dune
Next, on October 25, 184,480 inscriptions were minted. Since that time, the number of daily inscriptions has continuously exceeded 125,000. The trend of transaction backlogs on the Bitcoin blockchain is reappearing with currently more than 29,000 to 40,000 unconfirmed transactions waiting to be validated by miners.
Starting October 25, the Bitcoin blockchain has skyrocketed from its previous level of 250,000-300,000 transactions per day to its current level of 400,000-475,000 transactions per day. To date, from minting inscriptions alone, bitcoin miners have amassed 2,137 BTC, worth about $72 million. On October 28, the daily total of inscriptions reached 283,950, surpassing October 25 by a significant figure of 99,470 inscriptions.
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