On April 29th, the Bitcoin blockchain set a new record high with the number of transactions (7-day Moving Average) reaching 426,337.14. This is an indication of increasing demand from Inscriptions. On the same day, the number of Bitcoin Inscriptions minted in a single day surpassed 20,000 for the first time, establishing a new high.
Inscriptions Drive Demand
According to data from Glassnode, a leading on-chain market intelligence provider, the increase in the number of transactions on the Bitcoin blockchain is a clear indication of a growing interest in the cryptocurrency. Glassnode further notes that the spike in transactions could be attributed to the growing demand from Inscriptions, a new trend in the cryptocurrency world that is gaining popularity.
The rising demand for Inscriptions has been attributed to several factors, including the increasing adoption of Bitcoin and other cryptocurrencies as a store of value, the growing acceptance of Bitcoin as a legitimate asset class, and the current low-interest-rate environment that is driving investors to seek higher-yielding investments.
Furthermore, the increasing demand for Bitcoin is also reflected in the growing number of institutional investors and corporations investing in the cryptocurrency. Companies such as Tesla and MicroStrategy have made significant investments in Bitcoin, and many others are expected to follow suit.
The new record high in Bitcoin transactions comes at a time when the cryptocurrency market is experiencing heightened volatility, with Bitcoin’s price fluctuating between $50,000 and $60,000 in recent weeks. However, despite the volatility, the overall trend in the cryptocurrency market remains bullish, with Bitcoin and other cryptocurrencies expected to continue gaining popularity among investors and corporations alike.
This record high is a clear indication of the growing demand for the cryptocurrency, driven by the increasing adoption of Bitcoin as a store of value and the growing acceptance of Bitcoin as a legitimate asset class. The trend is expected to continue, with the cryptocurrency market remaining bullish in the coming months.