Bitcoin breaks its all-time record for daily transactions amid surging interest in new network protocol
Ordinals allow users to embed data into Bitcoin's blockchain, comparable to minting non-fungible tokens. This expands the network's userbase by allowing participants to do more than borderless transfers or simply invest in the cryptocurrency.
Tom Rodgers, Head of Research at crypto ETP provider ETC Group, said in years past transaction amounts sent tended to skew much higher in the range of $1,000-$10,000. Transactions are now much smaller, with a large portion of them being around $1 earlier this week. "This suggests most Bitcoin users were using the blockchain for trading," Rodgers told Insider in a statement, adding that there's been a"huge increase in Bitcoin velocity — or the amount of Bitcoin being transacted by users, instead of being locked up in cold wallets and held over the long term."
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