Bitcoin, the pioneering cryptocurrency, achieved a historic milestone on November 19, 2023, by confirming the highest number of daily transactions ever recorded within a 24-hour period.
This remarkable feat saw a total of 710,579 transactions confirmed by miners on that day, a significant portion of which consisted of 475,249 ordinal inscriptions.
This record-breaking activity not only demonstrates the growing adoption of Bitcoin but also underscores the robustness and scalability of its underlying network.
The milestone surpassed the previous record set on September 15, 2023, when Bitcoin miners confirmed 703,692 transactions.
Additionally, just a week prior, on November 12, 2023, the network nearly reached this record, processing 703,327 transactions, making it the third-highest daily transaction count in Bitcoin’s history.
These high transaction volumes are indicative of the increasing use of Bitcoin for various purposes, ranging from financial transactions to non-fungible token (NFT) inscriptions, showcasing the versatile nature of the blockchain technology underpinning Bitcoin.
An analysis of the network’s performance revealed that Sunday became the second most prolific day for inscription-based transactions, slightly behind the record set on November 12, which saw 505,345 inscriptions. The surge in inscriptions has led to an increase in miners’ fees due to a backlog of over 200,000 transactions, driving up the cost of block space.
This trend reflects the growing demand for Bitcoin transactions and the inherent challenges in scaling the network to accommodate such high volumes.
The network’s hashrate, a measure of its computational power, reached an unparalleled peak of 480 exahashes per second (EH/s) during this period. The robust hashrate not only supports the security of the network but also enhances its ability to process a large number of transactions efficiently. As Bitcoin continues to evolve, the network’s capacity to handle increasing transaction volumes while maintaining security and efficiency remains a key area of focus for developers and the community alike.
In terms of market impact, Bitcoin’s price has shown resilience, maintaining consolidation above the $35,000 mark for an extended period. Despite encountering resistance at higher levels, the prevailing sentiment in the market remains bullish. Technical analysis suggests that Bitcoin, after taking multiple supports at key levels, has started moving upwards, breaking long-held resistances.
The asset is consolidating between $37,500 and $35,500 with declining volumes, indicating a cautious approach among buyers. A strong resistance is observed at the psychological level of $40,000 to $42,000, with $36,000 acting as a strong support. A breakout above these levels could potentially lead to further rallies, with price targets set as high as $48,000.