Bitcoin Network Trends & The Rise of Bitcoin Ordinals: A Look at BRC-20 Tokens and the Explosion of Ordinal Inscriptions

Published on February 23, 2024 by The Captain

S.S. Nakamoto Ticket #55 (full res)

Hello, digital pioneers! This is your captain from the helm of S.S. Nakamoto, welcoming you to another chronicle at As we steer through the galaxies of Ordinal Theory and Bitcoin-inspired layer 2 protocols, we are committed to light up your universe with the freshest news, insights, and marvels from the NFT and token space in the Bitcoin Blockchain. So, strap yourselves in and get ready for takeoff as we voyage through the celestial expanse of state-of-the-art technology and groundbreaking innovation.

Today's date is February 23, 2024, and the current market data and network stats for Bitcoin are revealing some interesting trends. The price of Bitcoin has slightly increased, standing at $51,214.609 USD. The latest Bitcoin block height is 831713, with the current block reward subsidy at 6.25 BTC. We're just 58 days away from the next Bitcoin reward halving, an event that historically has sparked considerable market activity.

The Bitcoin network is experiencing high levels of traffic, with the priority transaction fee currently at 31 sats/vbyte. This is a clear indication of the increasing demand for Bitcoin transactions, which is a positive sign for the overall health of the network. However, it's worth noting that there are 151,588 unconfirmed transactions in the mempool, which signifies an increasing backlog. This could potentially lead to slower transaction times and higher fees until the network can clear the backlog.

As we move closer to the Bitcoin reward halving and with the increasing use of Bitcoin Ordinals, the network activity is expected to continue rising. This could potentially drive up the Bitcoin price and transaction fees, creating new opportunities and challenges for traders and investors alike. As always, it's crucial to stay informed and make decisions based on the most up-to-date data.

Bitcoin Ordinals' Role in the BRC-20 Token Standard In other news, the BRC-20 token standard has been gaining attention for its innovative use of Bitcoin Ordinals. Similar to Ethereum's popular ERC20 tokens, BRC-20 tokens are fungible tokens created using Ordinals and Inscriptions and saved on the Bitcoin base chain. However, unlike ERC20 tokens which rely on smart contracts, BRC-20 tokens use a script file stored in Bitcoin to attribute tokens to satoshis and facilitate their transfer between users. This unique approach to token creation and management highlights the adaptability of Bitcoin and its potential to foster new developments in the blockchain and crypto industry. As an NFT enthusiast, I'm excited to see how this new token standard will influence the market and open up new possibilities for digital collectibles.

Exploding Growth in Ordinal Inscriptions Lastly, the growth in Ordinal Inscriptions on the Bitcoin blockchain has been astronomical. Since reaching over 1M inscriptions in April 2023, the number of Ordinal Inscriptions has exploded, leading to increased Bitcoin network fees and reigniting discussions on scaling. This surge in activity is a clear demonstration of the growing interest and investment in BTC Ordinals and the potential of Bitcoin-based NFTs. As we continue to explore this new frontier, I'm eager to see how this growth will shape the future of digital collectibles and the broader NFT ecosystem.

As we navigate through the vast cosmos of blockchain technology aboard the S.S. Nakamoto, it's clear that the future of Bitcoin and NFTs is brighter than ever. Buckle up, fellow adventurers, because the journey is just beginning.


As we guide the S.S Nakamoto back to its station, we extend our heartfelt thanks for accompanying us on this daily exploration of the intriguing universe of Ordinal Theory and BTC-oriented L2/token protocols. Remember, you can craft your unique Ordinal inscriptions utilizing our state-of-the-art creation tools at For the freshest updates and breakthroughs, make sure to become a part of our vibrant Discord community and follow our journey on Twitter. Until we embark on our next galactic adventure, this is your Captain from the S.S Nakamoto, signing out.

Tonight's Portside view

Want to stay up to date with the latest in Bitcoin, Ordinals and token protocols?
Subscribe to our email list below.