Bitcoin (BTC) Ordinal Volume Explodes by 2,834% in 2023 Q2

According to DappRadar, a blockchain intelligence platform, Bitcoin’s (BTC) volume has surged by an impressive 2,834% in Q2 of 2023. In the latest quarterly report, DappRadar highlights that Bitcoin’s volume increased from $7.18 million in Q1 to $210.7 million in Q2.

The use of Bitcoin ordinals enables users to create non-fungible tokens (NFTs) on the network by assigning digital assets such as images and videos to a single satoshi, or an individual unit of BTC.

Explains the blockchain intelligence platform:

“The hype was also mirrored in the all-time trades and unique traders, which stood at 554,215 and 150,969 respectively, highlighting the platform’s broadening reach and the growing interest among new traders in this digital asset.”

According to DappRadar’s quarterly report, there has been a 7.97% increase in the number of daily unique active wallets that interacted with decentralized applications (DApps) on-chain compared to the previous quarter.

“This increase may be interpreted as an encouraging sign of market recovery. Despite the regulatory turbulence that pervaded the landscape, the digital asset market still thrived, as reflected by the growth of active engagement.”

The analytics firm said gaming continues to be the most dominant DApp sector, followed by decentralized finance (DeFi). Meanwhile, DappRadar says the NFT sector is witnessing its own crypto winter.

“The gaming category continues to lead as the most dominant, commanding 37% of the market. However, it is down from a 45% market dominance in the previous quarter. Notably, DeFi has experienced a resurgence with the memecoin hype and the L2 airdrops hunters, with its dominance soaring from 23% to 32%, showing signs of a comeback in popularity.”

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $30,288.

Michaël van de Poppe, a crypto trader with a significant following of 659,900 on Twitter, advises that as long as investors are not trading with high leverage at present, they should be in good shape.

“Nothing to worry, my friends. Don’t trade high leverage. That’s all.”

When trading in cryptocurrency, high leverage trading involves using borrowed funds to increase potential gains or losses.