<

Trading Volume of Bitcoin Ordinals Drops Significantly After Reaching ATH

Bitcoin Ordinals, the protocol that allows the inscription of NFTs in the witness portions of bitcoin transactions, has seen a significant decrease in popularity in recent days. According to data from various sources, the trading volume of the Ordinals market has decreased for three consecutive days after reaching an all-time high of $18.13 million on May 8. The trading volume on May 11 was only $4.86 million, a significant drop from the previous days.

The number of transactions has also fallen sharply from 17,000 on May 8 to only 6,000 on May 11. This drop in user activity has also affected UniSat’s market share, which has dropped from 80-90% to the current 50-60%. These numbers are causing concern among investors and market analysts who were previously bullish on the Ordinals’ potential to revolutionize NFTs on the Bitcoin network.

Source: Dune Analytics

Bitcoin Ordinals has been a popular choice for NFT enthusiasts since its launch in January 2023. Since then, over three million NFTs have been created on the Bitcoin network, and user activity on the blockchain has surged. Daily transactions had reached peak levels, leading many to believe that Ordinals had the potential to disrupt the NFT market.

However, the recent decline in popularity has left many questioning the future of the Ordinals. Some analysts speculate that the drop in activity may be due to high transaction fees, which can be a significant deterrent for users looking to create NFTs on the Bitcoin network. Others believe that the hype around Ordinals has died down, and users are exploring other NFT platforms.

Despite the recent dip in popularity, some investors and analysts remain optimistic about the future of Bitcoin Ordinals. They believe that the protocol’s potential to create unique and valuable NFTs on the Bitcoin network is still strong, and that the recent decline in popularity may be a temporary setback. As the Bitcoin network continues to evolve and improve, it’s possible that the Ordinals may once again capture the attention of NFT enthusiasts and investors.

In conclusion, the recent decline in popularity of Bitcoin Ordinals is a cause for concern among investors and market analysts. However, it’s important to note that the protocol’s potential to revolutionize NFTs on the Bitcoin network is still strong. As the blockchain technology continues to evolve and transaction fees become more affordable, it’s possible that the Ordinals may once again become a popular choice for NFT enthusiasts.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS