Bitcoin has set a new milestone by processing over 568,300 transactions in a single day, surpassing the previous peak reached during the 2017 bull market.
According to data from Glassnode, a leading on-chain market intelligence platform, this surge in transaction volume is partially attributed to the 307,000 Ordinals transactions, which accounted for more than 50% of Bitcoin’s daily transactions.
Glassnode further revealed that since its launch in January, over 2.39 million Ordinals have been inscribed, enabling the attachment of data such as audio, art, or even video games to individual satoshis.
Satoshis are the smallest units of Bitcoin, and this system creates a distinct digital asset akin to an Ethereum-based NFT, with all relevant data stored entirely on the Bitcoin blockchain.
As a result, a noticeable shift in the nature of Bitcoin mempools, where unconfirmed Bitcoin transactions are stored, has become evident this year.
Bitcoin’s utility extends beyond being a mere digital currency. It is increasingly being used for remittances, particularly in developing countries where traditional banking services may be limited or costly. The low transaction fees and fast settlement times of Bitcoin make it an appealing alternative to conventional remittance services, which can be slow and expensive.
The impact of these monetary transactions on Bitcoin’s price can be significant. When a large number of transactions are executed through cryptocurrency exchanges, it generates demand for Bitcoin, potentially driving up its price.
