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Bitcoin Ordinals Token That’s Exploded Over 4,600% in a Month Flashing Bullish Signal, According to Top Analyst

Bitcoin Ordinals Token That’s Exploded Over 4,600% in a Month Flashing Bullish Signal, According to Top Analyst

A widely followed crypto analyst says one Bitcoin (BTC) ordinals token that has skyrocketed in the last few weeks still possesses more upside potential. Pseudonymous crypto strategist Bluntz tells his 254,300 followers on the social media platform X that he has entered a long position on PUPS (Ordinals) amid an ascending channel breakout on the […]

The post Bitcoin Ordinals Token That’s Exploded Over 4,600% in a Month Flashing Bullish Signal, According to Top Analyst appeared first on The Daily Hodl.

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Inordinately high — Bitcoin Ordinals send BTC transaction fees to new 5-month peak

Bitcoin users attempting to send on-chain BTC transactions are footing the bill for a fresh surge in Ordinals.

Bitcoin (BTC) transaction fees are at their highest in nearly six months as a new wave of inscriptions boosts competition for block space.

Data from statistics resource BitInfoCharts shows the average BTC transaction fee approaching $6 as of Nov. 7.

Ordinals taking up Bitcoin mempool again

The return of Bitcoin Ordinals is making its presence felt this week as on-chain transactions attract highly elevated fees.

In an environment reminiscent of Q2 this year, blockspace is being taken up by ordinal inscriptions.

Ordinals are nonfungible tokens (NFTs) that store data directly on the blockchain. BRC-20 Ordinals can add significant transaction numbers for Bitcoin miners to process on-chain, clogging up the mempool and resulting in more competition for confirmations.

The result is that higher fees are required, and transactions without them will confirm much more slowly than normal.

Bitcoin Ordinals heatmap (screenshot). Source: GeniiData

Per statistics from GeniiData, almost 1 million ordinal “mints” have occurred in the past seven days.

The most active projects have changed in that time, with the most active minters coming from BEES, gpts and HALV at the time of writing.

Bitcoin’s mempool currently has a backlog of over 120,000 unconfirmed transactions, according to live data from Mempool.space.

By contrast, at the beginning of October, the queue contained fewer than 30,000.

Bitcoin mempool data overview (screenshot). Source: Mempool.space

Increased profits for BTC miners 

Discussing what might happen to the fee trend next, social media users warned that new minting projects would come to take over once others had completed.

Related: Elon Musk slams NFTs but ends up arguing the case for Bitcoin Ordinals

Reaping the benefits, meanwhile, are Bitcoin miners, whose income from fees is rapidly rising.

According to on-chain analytics firm Glassnode, for Nov. 6, 8.5% of miners’ revenue came from the increased fee rates — the biggest daily proportion since early June.

Bitcoin miner % revenue from fees chart. Source: Glassnode

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

$435,000,000 Leaves Bitcoin and Ethereum ETPs As Institutions Eye Altcoins: CoinShares

Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach $4.5 Billion by 2025

Galaxy Digital Report Predicts Bitcoin NFT Market Could Reach .5 Billion by 2025As the number of Bitcoin-based Ordinal inscriptions nears the 300,000 mark, Galaxy Digital’s research team published a report on the subject that says the market size of non-fungible tokens (NFTs) built on Bitcoin could reach $4.5 billion over the next two years. The researchers at Galaxy think that new use cases stemming from the inscription […]

$435,000,000 Leaves Bitcoin and Ethereum ETPs As Institutions Eye Altcoins: CoinShares

Bitcoin Ordinals creator looks for fix after first instance of shock porn

A rather unsavory image made it to the front page of the Ordinals website for 30 minutes before it was hidden, however, the image itself is immutable.

Only days after the launch of the Bitcoin (BTC)-based Ordinals protocol, its creator had to deal with their first shock pornographic image, which has been inscribed into the blockchain.

On Feb. 2 at around 12:15 am UTC, an unsavory image known as “goatse” was inscribed onto the Bitcoin blockchain via the Ordinals protocol.

It featured on inscription 668 and was live on the Ordinals’ front page for roughly half an hour before the image was removed. It still exists on the blockchain but is not able to be viewed using the Ordinals website.

Ordinals creator Casey Rodarmor told Cointelegraph he acted quickly to remove the image from the Ordinals website but admitted there isn’t much that can be done to stop future instances given the nature of the protocol.

He is at least working on a solution to stop the images appearing on the Ordinals website.

The image, known as “goatse,” depicts a man manipulating his anus. Due to its shock value, it’s often used to trick internet users.

Rodamor said for the moment, that there was no way to hide certain inscriptions on the Ordinals’ website without manual input.

“The explorer has a config file that can be used to hide certain inscriptions, so we decided that was not very pleasant to look at,” he said. “We added it to that config file and now the server does not return that inscription and will not return that content.”

Ordinals has a simplistic website with every new inscription appearing on its home page.

While Rodarmor plans to have a “very liberal content policy” where people will “certainly” be able to inscribe pornographic images, he would like to censor them until he finds a way to automatically keep them off the first page, such as creating a separate space for them on the website.

Recent inscriptions on the Ordinals site show users are inscribing images of Pepe the Frog, a cartoon internet meme. Sou: Ordinals

Critics of blockchain technology have concerns that its immutable nature could be used to forever host illegal or grotesque media, while others argue its censorship resistance should be viewed as a key feature.

Asked if he was concerned about the criticism Ordinals may receive for censoring certain images, Rodarmor responded:

“The inscription is still on the chain and if you run your own copy of Ordinal — which everybody is free to do — it will not have that config file and you will see the gaping butthole if that is what you so desire.”

He added his site is just one instance of the block explorer and hopes others create more where they can “implement their own moderation policies according to their tastes.”

Related: ‘WTH did I just witness?' Magic Eden turns porno after hosting service hacked

Rodarmor said it’s only the second time he’s censored a pornographic image. He believes the technical difficulty and cost of inscribing an image onto the BTC network have reduced the instances of such trolling attempts.

Ordinals launched on Jan. 21 and immediately divided the crypto community with arguments on whether it was good for the Bitcoin ecosystem.

The protocol works by inscribing satoshis — the native currency of the Bitcoin network — with content such as images to make NFT-like structures that can be transferred.

The cost of inscribing a satoshi can cost tens of dollars in comparison to a regular network transaction that ranges from a few cents to a few dollars.

$435,000,000 Leaves Bitcoin and Ethereum ETPs As Institutions Eye Altcoins: CoinShares