On December 3, 2023, Bitcoin became the second most actively traded day, with the cryptocurrency's value soaring to the $40,000 mark. This spike in activity comes on the heels of a record day on November 19, 2023, when Bitcoin miners verified 710,579 transactions. On Sunday, Bitcoin miners verified a total of 707,876 transactions in a 24-hour period.
At the end of the year, the trading volume of digital currencies with the highest market valuations continued to remain high. Just over two weeks ago, miners processed a lifetime record of 710,579 transactions in a single day. Another notable spike in trading activity was on September 15, 2023, when Bitcoin miners confirmed 703,692 transactions.
However, the second-highest volume was reached on Sunday, December 3, 2023, setting a new benchmark with 707,876 transfers. This campaign downgraded the September 15 record to the third-highest daily transfer record ever recorded on the Bitcoin blockchain. The surge in these records is mainly attributed to the increasing number of ordinal inscriptions that occupy block space.
Despite the refusal of the new ocean mining pool to mine the inscriptions, a significant part of the hashrate is actively confirming such transactions. Data from Dune Analytics on December 3, 2023 showed that 482,172 inscriptions were created on Sunday, accounting for the majority of the day's transactions. Not only does this make it the second largest trading day for inscription coinage, but it also indicates that 6811% were inscribed transactions and the remaining 3189% were financial transactions.
The influx of transactions results in a backlog of unconfirmed transactions in the mempool. Currently, there are more than 219,000 transfers waiting to be confirmed by miners. To alleviate this backlog, 319 blocks or 564 megabytes of block space need to be processed. Currently, the fee for high-priority on-chain transactions is 6. per transfer$81, while the low-priority transaction fee is around $1 per transfer$28.
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