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Bitcoin Ordinals Gain Popularity and Drive Surge in Network Fees and Inscription Preferences

A recent report by Dune Analytics has highlighted the increasing popularity of Bitcoin Ordinals, with a significant rise in network fees and a shift in inscription preferences. On May 20, the total network fees paid for minting Bitcoin Ordinals reached 1,414 BTC, equivalent to $38.2 million, representing a surge of 700% from April 20 and 831% from April 1.

Bitcoin Ordinals are a numbering system that assigns a unique number to each Satoshi, allowing for precise tracking and seamless transfer.

The rise of Ordinals has been facilitated by the introduction of the Bitcoin Ordinal theory framework and the BRC-20 Bitcoin token standard, resulting in a total market capitalization of $612.5 million. As the popularity and adoption of Ordinals continue to grow, the future of Bitcoin Ordinals appears promising, marking another milestone in the evolution of the cryptocurrency landscape.

Bitcoin Bitcoin $63,986.35
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Bitcoin Ordinals
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