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

Bitcoin‘s (CRYPTO: BTC)  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.

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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. 

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.

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