Benzinga - 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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#Bitcoin Long-Term Holder Supply is pushing to new ATHs every day, and there has been remarkably little expenditure by investors who bought the FTX lows.$BTC HODLers remain in control, but the follow through in on-chain activity remains light in volume, and Inscription dominant pic.twitter.com/3Tbz2xijI8— glassnode (@glassnode) April 30, 2023
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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