Opinion: The Bitcoin network faces a new round of popular demand, Ordinals traders return
The Bitcoin network is facing another wave of hot demand a week before the halving, partly from a now familiar source: Ordinals traders. Data shows that Bitcoin users are paying over 90 sats/vByte for each block space, making the average cost of each transaction reach $8.5. The daily registration volume of Ordinals has increased, reaching 162,000 on Thursday, compared to a monthly average of 90,280. Meanwhile, "daily registration fee expenditure" reached $1.24 million, the highest level in the past month. However, most network fees are included in regular transactions. Some suspect that on-chain trading activity is accelerating before Bitcoin's halving which will cut Bitcoin's supply inflation rate by half in about a week's time. The new Bitcoin standard "Runes" protocol invented by Ordinals founder Casey Rodamor will be activated on April 19th. It is expected that their trading activity at launch may push fees up to over $30 per transaction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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