Bitcoin Halving Sparks High Interest and Changes in Ordinals Space

By: Eliza Bennet

The upcoming Bitcoin halving has sparked an unprecedented level of online interest and a potential shake-up in the Ordinals space. The increased scarcity of Bitcoin post halving, coupled with the demand for Runes tokens, is likely to impact the Ordinals significantly. In the hours leading up to the Bitcoin halving, platforms have noted interest reaching its highest rate ever, according to data from blockchain analytics platforms.

Various social platforms have seen different patterns in interest around the event. For instance, Telegram mentions are down by 90% from the last halving in 2020 while Reddit has seen a surge in halving-related discussions. Twitter has shown spikes in activity in May 2022 and June 2023, with a recent surge witnessed in the last few days. The considerable interest in Bitcoin is also coupled with its price fluctuations over the week, tumbling from over $70,000 to lows of $59,000.

Interestingly, current conversations, although not as voluminous as the previous halving saga, form a more significant part of the crypto discussion. Google Trends data confirms that the Bitcoin halving is en route to breaking all previous records by a large margin. As the halving draws nearer, Bitcoin prices hover around $64,000, reflecting a rise of about 7%.