01 June 2023 13:13, UTC
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Inscription Transactions on the Bitcoin (BTC) network have witnessed an impressive surge in popularity, with a notable contribution from BRC-20 tokens, according to a recent Twitter post by the on-chain analytics firm Glassnode. The post added that these transactions now make up a substantial 39% of all transactions on the Bitcoin network.
The popularity of Inscription Transactions on the #Bitcoin network remains extremely elevated, largely driven by BRC-20 tokens.
Currently, Inscriptions account for a significant 39% of all transactions, whilst generating 25% of all transaction fees. pic.twitter.com/j2vrKEjUTq
— glassnode (@glassnode) May 31, 2023
In addition to this, they have also proven to be quite lucrative, generating 25% of all transaction fees. This rise in Inscription Transactions underscores the growing importance of tokenized assets and decentralized applications within the Bitcoin ecosystem.
At press time, the crypto market leader was trading hands below the key $27K level at $26,936.39. This comes after BTC experienced a 0.78% price decline over the past 24 hours.
As a result, BTC was trading a bit closer to its daily low of $26,671.72 than its 24-hour high of $27,346.11. The drop In BTC’s price also led it to weaken against its biggest competitor, Ethereum (ETH), by about 0.30% throughout the past day.
BTC / USD 4h (Source: TradingView)
BTC’s price had dropped below the 9 EMA and 20 EMA lines on the 4-hour chart over the past 24 hours. At press time, it seemed that the market leader’s price was attempting to make a comeback, however, it rebounded off of the minor support level at $26,780 into an upward move.
BTC’s price will need to overcome the 9 EMA line on the 4-hour chart before investors and traders can consider entering into a long position. Should this happen, BTC’s price will likely climb to $27,558 in the next 24 hours. On the other hand, a break below the aforementioned $26,780 mark will result in BTC’s price falling to $26,380 in the next few days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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