BTC/USD: Bitcoin Ordinals Excitement Sees a Resurgence

Bitcoin Ordinals shook up the NFT world in January this year, by allowing users to inscribe information onto sats on the Bitcoin network. After a slight dip in popularity, Ordinals now seems to be on the way back up – reaching a milestone of 350k daily new inscriptions on Monday this week. Many NFT projects have seen the new technology as an ideal alternative to the comparatively costly fees involved in launching Ethereum-based NFT collections.

The cause for the resurgence in Ordinals hype might lie in the launch of a new Bitcoin token standard known as BRC69. The standard will further lower the costs involved in inscribing sats, which could attract new interest to the space. The uptick in Bitcoin Ordinals could also contribute to a revival of interest in the NFT sector, which has suffered a heavy decline since its heights in late 2021.

(About Bitcoin)

Bitcoin is the original decentralized digital currency that was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. It operates on a decentralized peer-to-peer network, meaning that transactions can occur directly between users without the need for intermediaries like banks. Bitcoin uses cryptography to secure transactions and to control the creation of new units of the currency. Transactions are recorded on a public ledger called the blockchain, which allows anyone to verify the validity of a transaction and the ownership of bitcoins. The total supply of bitcoins is limited to 21 million, which is expected to be reached around the year 2140. Bitcoin's price is highly volatile, and it has experienced numerous boom and bust cycles over the years.