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Over the weekend, the number of ordinal transactions on the Bitcoin blockchain exceeded 55 million. In particular, on January 13, 2024, the blockchain reached its third-highest daily transaction count, with an impressive 477,751 ordinal transactions taking place on Saturday. Interestingly, since the first ordinal transaction in December 2022, Bitcoin miners have taken advantage of this growing trend to accumulate a total of $246 million in Bitcoin.
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In recent months, the pace of daily ordinal transactions on the Bitcoin blockchain had slowed somewhat between December 28, 2023, and January 12, 2024, but there was a massive surge on Saturday, January 13, breaking the daily transaction record. That date ranked third in terms of historical transaction count, adding 477,751 transactions to the blockchain. Just on that day, there were an estimated 652,483 transactions, with a significant portion of those (73.22%) being ordinal transfers.
The blockchain added another impressive 446,783 transactions on Sunday (Bitcoin)
Continuing the trend, the blockchain added another impressive 446,783 transactions on Sunday, January 14, 2024. This shows that a notable 75.49% of the 591,806 verified transfers were ordinal. After these two record-breaking days, the total number of transactions exceeded 55 million, and from those transactions, miners accumulated a total of 5,750 BTC, worth $246 million at current BTC exchange rates.
The fees paid to miners from transactions on January 13 and the following day totaled $7.64 million. Miners are seeing significant gains from the fees they earn from transactions. Additionally, there have been significant spikes in fees paid to miners from transactions, such as when miners earned $9.9 million in fees on December 16, 2023.
Additionally, the number of transactions per block has increased significantly, as producers have begun using advanced methods to fit as many transactions as possible. According to data, there are 278,296 repeating transactions on the chain.
Within these transaction types, recursive ordinal transactions involve creating new transactions by taking data from existing transactions. Among ordinal transactions traded in non-fungible token (NFT) markets, Bitcoin leads with $669.53 million in digital collection sales in the past 30 days. Ethereum has fallen behind the previous NFT blockchain leader with $321.18 million in sales in the same period. However, on a weekly basis, BTC’s lead is slightly ahead of Ethereum’s $94.42 million with $99.68 million in sales.