Bitcoin Ordinals and BRC-20 Tokens: Driving Forces Behind Rising BTC Prices and Network Congestion

Published on February 13, 2024 by The Captain

S.S. Nakamoto Ticket #51 (full res)

Greetings, intrepid voyagers of the virtual galaxies! Your captain of the S.S. Nakamoto welcomes you aboard's daily dispatch. As we chart the infinite expanse of Ordinal Theory and Bitcoin-based layer 2 mechanisms, our objective is to deliver the freshest breakthroughs, developments, and gems in the universe of Bitcoin NFTs and tokens. So, secure your harnesses and brace for launch as we set off on yet another exhilarating journey across the celestial domain of pioneering technology and innovation.

Today's date is February 13, 2024. The latest BTC price is $48,869.083, and we're currently at block height 830315 on the Bitcoin blockchain. The current block reward subsidy is 6.25 BTC, and we're just 67 estimated days away from the next Bitcoin reward halving.

However, the network isn't without its pressures. The priority transaction fee has risen to a high of 31 sats/vbyte due to the network congestion. There are currently 133,489 unconfirmed transactions waiting in the mempool. This is largely due to the increased activity around Bitcoin Ordinals and the explosion of BRC-20 tokens, as the NFT ecosystem continues to thrive on the Bitcoin blockchain.

Bitcoin Ordinals continue to be a topic of interest, with the number of Ordinal Inscriptions crossing the 1M mark in April 2023. The growth of this innovative technology has not only driven up Bitcoin network fees but also opened up scaling discussions. This is a testament to the adaptability and versatility of Bitcoin, and we're excited to see how this shapes the future of the cryptocurrency and the NFT market.

The BRC-20 token standard, an experimental fungible token created using Ordinals and Inscriptions, is one of the most popular outcomes of Ordinal Theory. Although different from the token standards we're used to with EVM chains, it offers a unique way to store a script file in Bitcoin, attribute tokens to satoshis, and allow them to move from one user to another.

As we continue to explore the uncharted territories of the Bitcoin blockchain, it's clear that the possibilities are endless. Stay tuned as we dive deeper into this fascinating world of digital collectibles and NFTs.

Bitcoin Ordinals - The Powerhouse Behind The Recent Bitcoin Price Surge In a recent article on BeInCrypto, the spotlight was cast on the key factors driving the recent Bitcoin price surge. The article, titled 'BTC Price Increase, ETFs, Ordinals, and Onchain Activity,' identified the launch of Bitcoin ETFs, the growing interest in Bitcoin Ordinals, and increased onchain activity as the primary drivers behind the price hike.

This is a clear testament to the rising importance of Bitcoin Ordinals in the cryptocurrency landscape. As a fervent believer in the potential of blockchain technology, I find this surge in interest extremely promising. The ability to create unique NFTs directly on the Bitcoin blockchain marks a significant leap in the world of digital collectibles. The increased onchain activity is a clear indication that more users are acknowledging the innovative potential of Bitcoin Ordinals, which could potentially lead to wider adoption of this groundbreaking protocol. This rally underscores the versatility of Bitcoin and sheds light on the promising future of NFTs on its blockchain.

Grayscale: The Impact of Ordinals and ETFs on Bitcoin's Halving Another intriguing development is Grayscale's decision to introduce Ordinals-based exchange-traded funds (ETFs) to the Bitcoin market. This move coincides with Bitcoin's halving event, which historically has resulted in an increase in price. The author suggests that Grayscale's ETF could potentially fuel the demand for Bitcoin, leading to a further price increase. The article also emphasizes the importance of Ordinals in creating unique digital assets like NFTs, thereby adding value to the Bitcoin ecosystem.

Grayscale's foray into the Bitcoin Ordinals space with an ETF is a noteworthy development. It not only offers mainstream investors a taste of Bitcoin and NFTs in a more familiar format but also signals growing institutional interest in Bitcoin-based NFTs. The timing of this move, coinciding with the Bitcoin halving event, could potentially intensify its impact on Bitcoin's price. This highlights the dynamic and swiftly evolving nature of the blockchain industry, and I eagerly look forward to witnessing how Bitcoin Ordinals continue to shape innovation and adoption in the NFT arena.


As we navigate the S.S Nakamoto back to its base, we want to express our gratitude for accompanying us on this daily expedition into the intriguing realm of Ordinal Theory and Bitcoin-oriented L2/token protocols. Remember, our state-of-the-art creator tools at are at your disposal to craft your unique Ordinal inscriptions. To keep a finger on the pulse of the latest advancements and news, we invite you to join our vibrant Discord group and follow our Twitter handle. Until we embark on another stellar adventure, this is your S.S Nakamoto Captain, signing off.

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.