Over the past 37 days, since September 15, 2023, the number of daily bitcoin transactions has dropped considerably, with the trend of Ordinal inscriptions experiencing a significant slowdown. In the first two weeks of September, the average number of daily transactions confirmed on the Bitcoin blockchain decreased by more than 46%.
2023’s Bitcoin Transaction Paradox: A Year of Growth Amidst Recent Slowdowns
Since mid-September, there has been a marked slowdown in Ordinal inscriptions, leading to a decrease in daily confirmed BTC transactions. Inscriptions plummeted on September 24, 2023, and haven’t rebounded since. As of block height 813,333, there are about 35,377,327 inscriptions tied to the Bitcoin blockchain.
While more than 232,000 inscriptions were added on September 24, the daily count hasn’t surpassed 100,000 since then. Over the last week, it has struggled to exceed 20,000 inscriptions per day. This trend has affected the number of daily BTC transactions. On September 15, 2023, the network processed 703,692 transactions in one day, setting a lifetime record.
From September 1 to September 15, 2023, the daily transaction average was 528,503. This month tells an entirely different tale. From October 1 to October 21, 2023, the daily average was 284,704. That means the daily average in the first half of September was 46.13% higher than the first three weeks of October.
In September 2023, the average number of confirmed BTC transactions was about 489,165 a day. In August, the average was 464,969 a day; in July, it was 455,893; and in June, it was 404,906. So far in 2023, the daily average is about 392,170 transactions. In 2022, the daily average was 255,085.
The data indicates that, despite the 46% drop from September to October 2023, there’s been a 53% increase in the average number of daily transactions compared to the previous year. The striking contrast is that 2023 isn’t yet concluded.
What do you think about the number of daily transactions on the Bitcoin blockchain slowing down since inscriptions have slowed down? Share your thoughts and opinions about this subject in the comments section below.
