$BTC price currently far from its all-time high, but daily transaction counts are extremely close to making new records
has been experiencing a remarkable resurgence in 2023, with daily transaction counts nearing all-time highs. The rise of inscriptions has played a crucial role in this development, making it essential for analysts to determine the extent to which inscriptions are driving this growth compared to monetaryA significant shift in the Bitcoin mempool has been observed this year, including a noticeable spike in fee pressure during the FTX crisis and sustained fee pressure throughout 2023.
Inscription preferences have also evolved over time. Image inscriptions dominated the market until recently but have now been overtaken by text-based ones. To date, over 2.39 million inscriptions have been added to the Bitcoin ledger, accounting for 9.3 GB of data and generating 212 BTC in fees.daily transaction counts are approaching All-time-highs, seeing an explosive uptick in 2023.
With the emergence of Inscriptions, analysts now need to assess how much of this is driven by Inscriptions vs monetary transfers.
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