The latest figures indicate that the Bitcoin blockchain has recorded over 12.49 million Ordinal inscriptions as of June 18, 2023. This sustained trend has resulted in substantial gains for Bitcoin miners, who have earned a total of 1,732 BTC, equivalent to $46 million using current exchange rates, from these inscriptions. These earnings were accumulated from various types of transactions confirmed by Bitcoin miners, including traditional financial transfers and the inscriptions above.
Despite this positive news for Bitcoin miners, the BRC20 economy has suffered a significant decline in value due to Bitcoin’s recent price drop. As of June 18, BRC20 tokens had a market valuation of $141.97 million, with a trading volume of approximately $25.51 million within the past 24 hours. This is a notable drop in value from its previous valuation of nearly half a billion dollars. Several top BRC20 tokens have been affected by the decline, such as ORDI and PEPE, which have seen their values drop from $11.36 to $6.263 and $0.20 to $0.050 per token, respectively, in just two weeks.
Despite the decline in the BRC20 market valuation, the number of BRC20 tokens has grown by over 38% since June 3. Marketplaces such as Magic Eden, Okx, Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma, and Unisat continue to witness active trading of BRC20 and Ordinal inscriptions. This growth in the number of BRC20 tokens is in contrast to the decline in the value of these tokens, indicating that there may still be significant interest in trading them.
Regarding the Ordinal inscriptions themselves, the majority of them are plain text, accounting for 90.7% of all inscriptions. The remaining portion comprises various file formats such as JPEGs, PNGs, SVGs, GIFs, video files, software files, and applications. Out of the overall inscriptions, a significant 11,259,647 are composed solely of plain text.
In terms of Bitcoin-based non-fungible tokens (NFTs), sales have decreased by more than 22% in the past week, totaling $21.49 million in sales, according to data from cryptoslam.io. The second highest-priced NFT sold during this period was a Bitcoin-based “uncategorized Ordinal,” which fetched $3.52 million. This decrease in NFT sales may be related to the recent downturn in the crypto market, which has affected the value of several cryptocurrencies, including Bitcoin and BRC20 tokens.
Source: Bitcoin.com
