Ordinals transactions on Bitcoin plunge

First they broke records, now they are collapsing - transactions on Bitcoin from the ordinates market.

Transactions on Bitcoin stemming from the Ordinals protocol appear to be dying out again for now. That's according to data from Dune Analytics. According to this, trading volume for Ordinals fell from the all-time high of about US$18 million on May 8 to US$4.86 million by now.

The number of transactions also dropped from a peak of 17,000 per day to less than 5,000 per day. The hype surrounding Bitcoin NFTs and BRC-20 tokens previously led to record transactions on the Bitcoin blockchain. This even pushed the blockchain to the limits of its capacity at times.

De increased activity also led to high Bitcoin prices, which even reached the levels of past bull markets.