Checking the state of Bitcoin Ordinals in 2024

• The number of inscriptions has been rising for several months.
• BTC was up by over 8% in the last seven days .

Bitcoin [BTC] Ordinals have been a highlight for the king of cryptos since its inception in 2023. The BRC20 episode gained much traction, and the ecosystem has grown ever since. In fact, Binance’s latest report revealed how the space has been evolving.

Bitcoin Ordinals have come a long way

Binance recently published a report highlighting several interesting developments around Bitcoin’s much-discussed ordinals. As per the report, inscriptions and BRC-20s have served as significant catalysts for activity in the Bitcoin ecosystem over the past year.

It mentioned,

“They have also invigorated developer communities by drawing in new talent, accelerating the pace of project updates, and generating innovations within the Bitcoin ecosystem.”

It was also interesting to note that Bitcoin Ordinals has branched out into various sectors, such as DeFi, NFTs, and tooling. In fact, Inscriptions has also expanded beyond Bitcoin to a range of other EVM-compatible chains.

It is unclear whether inscription activity on EVM-compatible chains will resume given that these chains have native smart contract capability and the trade-offs involved in using off-chain indexers.

Since BTC inscriptions reached quite a few milestones in 2023, AMBCrypto checked the latest data to see how the ecosystem was doing in 2024. 

An analysis of Dune Analytics’ data pointed out that the number of Ordinals mints has been on the rise for quite some time, reflecting growth and high adoption.

Source: Dune

Mentioning types, text-type ordinals continued to lead, followed by others like image-type ordinals. Thanks to the high number of mints, Bitcoin’s taproot utilization also spiked.

For starters, Bitcoin’s taproot upgrade streamlined transaction processing and made them more efficient in speed and cost. The upgrade caused a divergence of opinion within the BTC community, which resulted in a hard fork, creating Bitcoin Cash.

Source: Dune

Bitcoin investors are enjoying profits

While Bitcoin inscriptions continued to grow, BTC’s price action also gained upward momentum in the recent past as its value climbed above the $47,000 mark.

Read Bitcoin’s [BTC] Price Prediction 2024-25

According to CoinMarketCap, BTC was up by more than 9.5% in the last seven days. At the time of writing, BTC was trading at $47,251.32 with a market capitalization of over $927 billion.

The king of cryptos’ trading volume also surged aloof with its price, acting as a foundation for the bull rally. Whether the coin manages to hold its ground and continue to rise further will be an episode worth keeping an eye on.