As of today, the Bitcoin price is valued at $28,338.57 USD and has experienced a 4.20% increase over the past 24 hours. It holds the top spot in CoinMarketCap’s rankings with a current market cap of $552,653,403,620 USD.
With a circulating supply of 19,501,812 BTC coins and a maximum supply of 21,000,000 BTC coins, it has recorded a trading volume of $14,770,602,743 USD in the last 24 hours.
The number of Bitcoin transactions has decreased significantly since September 24, 2023, after reaching a record high on September 15. This slowdown comes as the number of transactions recorded on the Bitcoin blockchain approaches the significant milestone of 35 million.
$BTC | 1H: Today Plan:
Shorting #Bitcoin from $28,000 with 0.5Risk. I am expecting to see some spot selling to liquidate late longs, as the 28k sell wall has been filled. I am hoping this will lead to a short-term drop in the price of Bitcoin. Good luck to all traders!
— Femto XBT (@FemtoXBT) October 2, 2023
Bitcoin Price Declines as the 35 Million Milestone Approaches: A Closer Look
After reaching a peak of 440,760 inscriptions in a single day on September 15, the amount of Ordinal inscriptions on the Bitcoin network has significantly decreased. As of now, there are 34,961,312 inscriptions on the distributed ledger, but the rate of inscription creation has slowed considerably since September 24.
Inscriptions on the blockchain varied in number throughout September 2023, with a low count of just over 100,000 on August 31 and September 1. However, from September 2 through 24, daily inscriptions remained consistently above 175,000.
On September 30, 28,400 inscriptions were recorded, while the day before saw 44,746 added. Despite recent drops in inscription activity, this decrease has allowed miners to address the backlog of unconfirmed transactions in the mempool.
It is unclear why there has been a decrease in new registrations, causing uncertainty about how long this trend will continue and whether there will be a return to higher levels of registrations. Despite these unknowns, the Bitcoin blockchain is still on track to reach 35 million registrations, which is a noteworthy accomplishment.
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