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Bitcoin Ordinal Subscriptions Surpass 55 Million, Reach Third Highest Daily Record

After the weekend, the number of ordinal subscriptions to the Bitcoin blockchain exceeded 55 million. Notably, on January 13, 2024, the blockchain witnessed its third-highest day of registrations, settling a staggering 477,751 registration-based transactions on Saturday. Furthermore, since first registration began in December 2022, bitcoin miners have accumulated $246 million worth of bitcoins, capitalizing on this growing trend.

Miners raised 246 million dollars with 55 million registrations

From December 28, 2023 to January 12, 2024, the pace of daily ordinal inflows into the Bitcoin blockchain slowed moderately. However, a peak occurred on Saturday, January 13, marking a record number of daily registrations. This date became the third largest in terms of registrations, with a staggering 477,751 added to the blockchain. On that day, approximately 652,483 transactions were processed, with records representing a notable 73.22% of all transfers confirmed by miners.

Continuing the trend, on Sunday, January 14, 2024, the blockchain saw another substantial 446,783 entries added to the distributed ledger system. This indicates that, of the 591,806 verified transfers, a substantial 75.49% were record-based. Furthermore, after these two record-breaking days, the total number of registrations this weekend impressively exceeded 55 million. Between these records, miners have accumulated a total of 5,750 BTC, valued at $246 million based on current BTC exchange rates.

On January 13, miners were paid about $2.7 million in registration fees, and by the next day, miners had accumulated another $4.94 million. Bitcoin miners are reaping the benefits of the fees paid for subscriptions and as of December 16, 2023, miners have collected $9.9 million in fees. Additionally, the number of entries per block has increased considerably as miners have learned ways to include as many as possible. The data also shows that there are also 278,296 recursive inscriptions in the chain.

Recursive ordinal inscriptions involve retrieving and incorporating data from existing inscriptions to create new ones. In the domain of ordinal entries traded in non-fungible token (NFT) markets, Bitcoin has taken the lead over the past 30 days, with $669.53 million in digital collectible sales. Ethereum, previously the leader in NFT blockchain, recorded $321.18 million in sales during the same period. However, on a weekly basis, BTC’s lead is marginal, with sales of $99.68 million, narrowly edging out Ethereum’s $94.42 million.

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Market cap of Bitcoin and Altcoins will reach $1.85 trillion and $2.2 trillion

Amid the current financial scenario, analysts have focused their attention on the cryptocurrency market, which is showing signs of recovery. Michaël van de Poppe, a respected figure in the trading community, recently predicted that the total cryptocurrency market capitalization could rise to a staggering $2.2 trillion. This projection comes at a time when the market is going through a consolidation phase, falling below the crucial mark of 1.6 billion dollars.

The role of Bitcoin in market dynamics

Bitcoin, the leading cryptocurrency, plays a key role in this projected growth. It recently surpassed major resistance at $38,000, prompting optimistic predictions about its future trajectory. Van de Poppe correlates the advance of Bitcoin with the potential increase in the market capitalization of cryptocurrencies. He suggests that breaking through the $1.6 trillion resistance could push the market to pre-Earth collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.

Altcoins Preparing for a Milestone

At the same time, altcoins are not far behind in this potential financial revolution. EGRAG, another market analyst, predicts that the market capitalization of altcoins will reach the trillion-dollar mark. This level of growth has not been seen since the collapse of the Terra ecosystem in May.

EGRAG recalls the dramatic decline that followed, falling from $1.268 billion in April 2022 to a low of $485 billion two months later. Currently at a 19-month high of $735.5 billion, the altcoin market is recovering steadily, indicating a possible uptrend similar to the post-May 2022 scenario.

Implications for Bitcoin and Altcoin Valuations

If these predictions come true, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market capitalization of $1.2 trillion would mean a price increase to around $61,301 per token. Meanwhile, altcoins could see a 2.3x increase in valuation, reaching as much as $1.7 trillion. This outlook has led analysts to advise investors to watch out for a recovery around March 2024.

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Dogecoin Founder Says Bitcoin Needs Room to Recover Again

Dogecoin founder Bill Markus expressed a somber sentiment about the recent Bitcoin price drop after the cryptocurrency hit highs of $44,000 in early December.

Doge Founder’s Grim Stance on Bitcoin Price Swings

Around the first week of December, Bitcoin saw a surprising rise to over $44,000 from $38,000 sometime in late November. The cryptocurrency has been on a steady upward trend driven by several factors, including anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) final ruling on spot Bitcoin ETF filings in January.

Despite the positive increases experienced by the cryptocurrency, BTC recently saw its price fall from 2023 highs of over $44,000 to $40,000 following Senator Elizabeth Warren’s anti-crypto statements on Monday and a bill that aims to establish the strictest crypto regulations.

Due to the unexpected price drop, Markus made gloomy comments about BTC’s recent price swings, stating that the cryptocurrency was “in good spirits again.”

When asked by a member of the crypto community what actions to take amid the falling BTC price, Nakamoto humorously replied: “I guess just give it space. Maybe he will eventually leave the room.

At the time of writing, the price of Bitcoin is trading at $42,968, according to CoinMarketCap. The price correction above $42,000 can be attributed to a recent announcement by the US Federal Reserve to keep interest rates stable. Following the Federal Reserve’s decision, BTC saw a price increase of almost 5% and Ethereum also saw a slight price growth.

Grim Crypto Exchange BTC Price Prediction

Positive sentiment around the BTC price has steadily increased following the recent Fed rate announcement and excitement around the Bitcoin halving event scheduled for April 2025.

However, cryptocurrency exchange Changelly contradicted recent positive price predictions for Bitcoin. According to stock market forecasts, the BTC price is expected to see a slight drop of 0.98% before December 15.

Changelly’s forecast expressed a bullish signal of around 17% for the cryptocurrency. Adding to the uncertainty over BTC’s overall price potential, Bloomberg analyst James Seyffart warned against excessive expectations regarding the proposed massive inflows into BTC following the approval of BTC Spot ETFs.

On the other hand, many cryptocurrency investors have made bullish predictions about the Bitcoin bull run, and a popular member of the crypto community, Crypto Rover, predicted that Bitcoin would reach between $150,000 and $220,000 during the Bitcoin bull run.

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El Salvador’s ‘Volcano Bond’ Gets Regulatory Approval, Aims to Launch Early Next Year

El Salvador’s innovative Bitcoin (BTC) “Volcano Bonds” have received regulatory approval and are scheduled to be launched to the public in the first quarter of next year.

El Salvador’s National Bitcoin Office (ONBTC) says the country’s Digital Assets Commission (CNAD) approved the bonds after nearly two years of delays.

El Salvador’s pro-crypto president, Nayib Bukele, first announced in November 2021 that the Central American country would issue the bonds.

They were originally expected to launch in early 2022, but Bukele delayed them indefinitely when the BTC price fell.

The Bitcoin bonds, the first of their kind in the world, will be traded on Bitfinex Securities, according to ONBTC.

It’s not the only recent Bitcoin news for El Salvador: last week, the country launched a new “Freedom Visa Program” for high-net-worth individuals willing to shell out $1 million in BTC or USDT for a passport.

Bukele has long been a supporter of Bitcoin. El Salvador has more than $130 million in BTC, and the main crypto asset is recognized as legal tender in the country.

The president also says the country has “no intention of selling” its Bitcoin, despite BTC’s price surge this year.

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Bitcoin Sharks and Whales Settle for $2.2 Billion, But BTC Holds at $37,000

Network data shows that Bitcoin sharks and whales engaged in a sell-off worth around $2.2 billion last week.

Bitcoin wallets with 100 to 10,000 BTC have been sold recently

As analyst Ali noted in a post on X, large BTC investors may have reaped their profits recently. The indicator of interest here is the “BTC Supply Distribution”, which tracks the total amount of Bitcoin held by different groups of wallets in the sector.

Addresses or investors are divided into these groups based on the total number of coins they currently hold. For example, the 1-10 coin cohort includes all wallets with a balance of at least 1 and a maximum of 10 BTC.

In the context of the current discussion, the focus is on the range of 100 to 10,000 BTC. The group of 100 to 1,000 coins is popularly called “sharks”, while the group of 1,000 to 10,000 includes whales.

Both groups have significant values, so their behavior may be relevant to the market in general. Although whales are much larger than both and therefore have much more influence on the network.

This is a remarkable amount, and considering that the timing of the distribution coincided with BTC’s last break above the $37,000 level, it seems possible that these key holders participated in this massive sell-off to reap the profits they would have accrued at the meeting.

Sharks and whales also participated in some selling when BTC surpassed $35,000 last month, but both the rate and scale of the sell-off were lower compared to today as the supply distribution for these cohorts plummeted sharply this time around.

So far, though, despite this massive sell-off, Bitcoin hasn’t had much trouble staying around the $37,000 mark. The asset initially suffered a pullback when the sell-off began, as it fell back to $36,000, but quickly recovered.