Bitcoin: An explosive end of the year for transactions on its blockchain

To the boom. The year 2023 ended with great promises to come for the Bitcoin. With, on the front line, a much-anticipated approval of spot ETFs for the next few days. But also, improbable mutations of its blockchain at the origin of a change of business not always very appreciated in the more traditionalist ranks of his community. Because its network now points to the top of the NFT sales ranking, following the excitement of the Ordinals. And their registrations have recently exploded the number of daily transactions to new heights.

Bitcoin, new leader of the NFT market?

The title of this paragraph will make a lot of Bitcoin maximalists cringe. Yet the fact is undeniable and verified since the appearance of Ordinals on its blockchain over the past year. This network, known to be hermetic to this type of undesirable digital growth, is now establishing itself as one of the leaders in the NFT market !

Bitcoin, new leader of the NFT market?
Ranking of blockchains by NFT sales volume – Source: CryptoSlam

A new economic model within which also settle the drivechains and others BRC-20 tokens. Both inseparably treated as shitcoins by their opponents. And the promise of seeing a very eventful year 2024 for this historic blockchain. Because his next halving is announced for next April.

A dynamic at the origin of unexpected successes for the end of the year which has just passed. Because transactions explode on the Bitcoin blockchainto the point of constantly reaching new ATHs… and derail the amount of its fees. Suffice to say that the year 2024 promises to be eventful…

Transactions explode on the Bitcoin blockchain

In fact, the records kept coming for the network of Bitcoin at the end of the year 2023. First of all with a first all-time high (ATH) for the number of its daily transactions recorded on December 24, with 723 459 validated operations. But that was without counting on December 31 and this new record set at 731,351 transactions registered on its blockchain within 24 hours.

A success of which part of 43% must be attributed only to the registrations of the Ordinals, i.e. a total of 314,003 transactions. And it certainly won’t displease to miners who see their income explode even before a real bull market is validated.

Transactions explode on the Bitcoin blockchainTransactions explode on the Bitcoin blockchain
Daily transactions on the Bitcoin blockchain – Source:

However, the focus on the Bitcoin blockchain exposes him to new complex issues for the coming year. Because the explosion of its transactions – and the costs associated with it – raises many problems in ensuring efficient use of its network. Even more so with the scheduled arrival of Spot Bitcoin ETF.

Of course, everyone wants new all-time highs for Bitcoin in 2024. But some of them involve more than just an increase in profits recorded by its investors’ portfolios. And facing its planned adoption by traditional financethe madness of the Ordinals could quickly become problematic.

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