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Bitcoin Ordinals Continue to Grow Despite NFT Market Downturn

The Galaxy Research and Mining published a second report in their series on Bitcoin Inscriptions and Ordinals and it seems that Bitcoin shows no signs of slowing down despite the market downturn.

According to a recent report, in the first 200 days of Bitcoin Ordinals, 1.14 million image-based inscriptions were created. In fact, the growth is faster than the first 200 days of NFT on Ethereum, Solana, and Polygon combined and it does not include volume from BRC-20 tokens. But even without the BRC-20 token, Bitcoin remains the third most popular chain for digital collectible activity. 

The initial report from March 2023 served as an introduction to the advent of Ordinals as a novel avenue for digital collectibles within Bitcoin. The most recent report delves into the advancements and changes in this domain since that time.

At the moment, Bitcoin ranks alongside Ethereum and Solana as one of the top blockchains for NFT creation and trade. By the end of the year, Ordinals are projected to reach a trading volume of roughly $725 million. 

Meanwhile, followers of Bitcoin Ordinals believed that transaction charges from customers would completely improve miners’ income. In some way, ordinals and their related inscriptions would generously compensate Bitcoin miners for good. 

While the followers envisioned a future the place ordinals would lastly resolve Bitcoin’s safety funds downside, making certain well-paid miners for a lot of halvenings to come back. Unfortunately, that hasn’t occurred as Ordinal’s contribution of transaction charges proceeded to drop from their cloud peak.

Moreover, Bitcoin is secured by miners who expend electrical energy and computation to verify hash giant quantity units which shield the ledger. Bitcoin safety funds, on the other hand, are determined by constant demand for knowledge storage on Bitcoin’s ledger.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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