Bitcoin’s Impact on NFTs: Trends, Fees, and Future Prospects
Bitcoin and Ordinals: Insight into Fees, Hash Rates, and More
The world of cryptocurrencies is complex and constantly moving. Particularly Bitcoin, as the most well-known of all cryptocurrencies, is often in the spotlight. Today, we want to take a closer look at the so-called ordinals, fees, hash rate, and other aspects surrounding Bitcoin.
Bitcoin and the NFT Scene
Bitcoin [BTC] has recently made a name for itself in the NFT scene and has proven its importance beyond the role of a mere cryptocurrency. The rise in NFT popularity not only influenced transactions but also had positive effects on the fees. However, current data shows a decline in both inscriptions and fees. While fees decreased, the network hash rate reached a new high.
Bitcoin Leads NFT Sales Volume
Latest data from Coin98 Analytics show that Bitcoin was the network with the highest NFT volume in the fourth quarter of 2023. The statistics show a substantial sales volume of 1.27 billion at the end of the fourth quarter of 2023. This means Bitcoin surpasses Ethereum, which traditionally was the leading network in terms of NFT projects and volume.
Decline in Daily Bitcoin Ordinal Inscriptions
An examination of the trend of Bitcoin ordinal inscriptions on Dune Analytics showed a significant trend reversal on December 31, 2023. On this day, the number of inscriptions was over 300,000. After this peak, there was a steady decline, with daily inscriptions not exceeding 200,000. Currently, daily inscriptions are around 146,000.
Network Fees Decrease by Over 50%
Latest data from IntoTheBlock show a notable decrease in Bitcoin network fees by over 50% within the last week. This decline is attributed to the simultaneous decrease in inscriptions.
Bitcoin Hash Rate Reaches New High
In a recent update from IntoTheBlock, it was reported that the Bitcoin hash rate has reached a new record. An analysis of the hash rate trend on Blockchain.com showed that it reached nearly 630 trillion on January 11. This marks a significant jump from the previous day’s level of around 480 trillion. Currently, the hash rate is over 611 trillion.
Conclusion
The dynamics of network fees could change as daily inscriptions pick up speed again. The Bitcoin hash rate has a significant impact on the earnings of miners in the Bitcoin network. It will be exciting to watch how these developments will shape the future.
Sources: AMBCrypto, Coin98 Analytics, Dune Analytics, IntoTheBlock, Blockchain.com
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