On-chain data shows that Bitcoin has rebounded after experiencing a dip earlier, now reaching a new all-time high in transaction count.
Bitcoin Pattern Transactions Reached New 40%
According to data from the on-chain analytics company glassRecently, a peak of about 193,000 prints in one day was recorded. The “patterns” here refer to an implementation of the Bitcoin network similar to the “non-fungible tokens” (NFTs) used in other blockchains.
There is one major difference between patterns and NFTs on other networks like Ethereum, and that is that patterns are listed directly into the blockchain (which is what earned them the name).
Being stored directly on-chain like this has implications for Bitcoin’s block size and the overall size of the blockchain, which a previous report from Glassnode has already discussed.
Since its introduction, cameos have mostly enjoyed an increasing amount of popularity, but earlier this month, they experienced a bit of a dip. However, in recent days, this BTC app has seen a revival.
The graph below shows how the number of new coins minted per day has changed since its inception.
The value of the metric seems to have been quite high in recent days | Source: Glassnode on Twitter
As shown in the graph, Inscription transactions hit an all-time high recently as the network noted 193,000 inscriptions being minted in a single day.
The graph also shows how many transactions on the network involve any type of pattern. There are five main categories here: Image, Text, Audio, Video, and others.
While image captions were the most popular type in the early days of the technology, text-based ones seem to have dominated the Bitcoin blockchain lately. Other categories seem to have seen quite a few mints compared to these two.
As a percentage of the total transactions (of any kind) that take place on the BTC network, etchings held a 40% share during the most recent surge in usage.
Looks like the value of the metric has been elevated recently | Source: Glassnode on Twitter
Interestingly, although the inscriptions have recently made a comeback, the share of block size they occupied has only continued to decline, as the graph highlights.
Decreasing block size share of the transactions associated with Inscriptions | Source: Glassnode on Twitter
The reason behind this trend lies in the fact that text-based annotations have been gaining traction recently, and they are naturally much lighter in terms of data volume than other types such as images or video.
From the graph below, it is clear that the size of the text inscriptions currently in the series is very small (about 0KB), while the average size of the Image type is about 13KB.
The audio type has the largest mean size at around 115 kB | Source: Glassnode on Twitter
BTC price
At the time of writing, Bitcoin was trading at around $27,700, down 8% in the past week.
BTC has seen significant decline in the last few days | Source: BTCUSD on TradingView
Featured image by Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, Glassnode.com