Bitcoin Achieves Record-Breaking Transaction Milestone
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
In a historic move, the Bitcoin network reached a groundbreaking milestone on September 15, 2023, processing a staggering 703,000 transactions in a single day, surging past its previous record of 682,281 set in May 2023. This remarkable feat underscores Bitcoin’s enduring popularity and vitality.
Remarkably, a significant portion of these transactions, specifically 62.63%, were Ordinals—a type of Bitcoin transaction that allows users to etch messages or data onto the blockchain. These Ordinals have gained substantial traction, serving a multitude of purposes from identity verification to timestamping, reflecting their growing utility.
As of the current block height, approximately 33.6 million Ordinals have been etched onto the Bitcoin blockchain since December 2022, according to data from Dune. This uptick in Ordinal transactions coincides with Bitcoin miners earning substantial fees from them, accumulating over 2,068 BTC, equivalent to around $55 million.
Bitcoin Breaks Monthly Price Record Too
This record-breaking day aligned perfectly with a surge in Bitcoin’s price, reaching a monthly high of $27,500. This surge signals unwavering confidence and demand for the cryptocurrency, even amidst global economic uncertainties. As a result, Bitcoin’s market capitalization now stands at over $527 billion, ranking it as the 13th-largest asset globally by market value.
This exceptional performance of Bitcoin, particularly its Ordinal functionality, highlights the innovation and resilience of the decentralized network, which has thrived for over 14 years. With an ever-expanding user base and growing adoption of Ordinals, Bitcoin’s future trajectory points toward continued growth and evolution.
Bitcoin’s ability to consistently push boundaries and adapt to changing demands positions it as a frontrunner in the world of cryptocurrencies, offering both stability and innovation to a global audience.
