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Bitcoin (BTC) Transactions: Record-Breaking Performance with No End in Sight!

Wed 22 Nov 2023 ▪ 4 min of reading ▪ by Mikaia A.
Getting informed Event

Is Bitcoin poised to break through the $40,000 barrier? Or even more? For now, it’s peaking at $37,000, a level it hasn’t seen since May 2022. But in the meantime, here is another performance that deserves your full attention.

development vector, bitcoin logos and “record transactions” mention

Bitcoin transactions hit an ATH

Currently, only crypto-skeptics like Peter Schiff believe in an imminent Bitcoin crash. On the other side, where the enthusiasts dwell, the time for celebration has already begun. Some of them, especially those who have exercised patience, are exultant at the thought of having made profits with their BTC.

The whales are even refilling their stocks in a BTC bull run context.

Bitcoin achieves a new ATH

« Bitcoin hits a lifetime record with over 710,000 daily confirmed transactions this Sunday. »

The article accompanying this tweet by Bitcoin.com talks about a new Bitcoin performance recorded on November 19. Indeed, at that time, the queen of cryptocurrencies set a record in terms of transactions: 710,579 transfers in just 24 hours, with a high hash rate of 480 EH/s.

Note that on this occasion, BTC miners confirmed that more than half of the recorded transactions, specifically 475,249, were ordinal inscriptions. And you may be aware that Bitcoin Ordinals are currently seeing a rush of project proponents (BRC-20 tokens, NFTs, Stably USD-type stablecoin, etc.).

The last explosion in the number of Bitcoin transactions dates back to September 2023. On the 15th day of this month, Bitcoin miners reported 703,692 verified transactions.

In addition, the statistics advanced on November 12th were close to this mid-September record. The daily transaction volume from ten days ago was 703,327.

top10-record-transactions-bitcoin
Top 10 days Bitcoin transactions peaked in 2023 — Source: Bitcoin.com

Bitcoin Ordinals, poison or honey?

As for the number of inscriptions, here are some figures that may interest you:

  • 505,345 inscription-based transactions for November 12th;
  • 475,249 inscriptions for November 19th;
  • 300,452 inscriptions for Monday, November 20th, i.e., yesterday.

In other words, inscriptions on the Ordinal protocol, although despised by maximalists, largely contribute to this new record displayed by Bitcoin.

Bitcoin.com also reported that BTC Ordinals inscriptions have recently seen a decline. However, it was brief. But that did not fail to push up Bitcoin mining fees due to a backlog of about 200,000 transactions.

Let’s now talk about the price of Bitcoin. Currently, the flagship crypto is trading at $37,399.51, according to CoinGecko. Over a month, BTC has gained +25.2% and +7.1% over 14 days.

This morning’s analysis by our colleague highlighted a modest 1% rise for the flagship crypto and a yo-yo movement last week. It will need to get back above $38,000 to be able to reach $40,000 and avoid hitting $36,500 to not fall back to $36,000.

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Mikaia A. avatar
Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.