The milestone of successfully inscribing more than 200,000 NFTs was reached by Bitcoin [BTC] Ordinals. The introduction of Ordinals was just a few months ago, therefore this milestone was attained quickly. At the time of writing, there were 207,269 ordinals altogether, with image-type ordinals making up the majority of them, followed by text.
It was fascinating to see, however, that the volume fell off after inscribing the most Ordinals on February 9.
Although more NFTs were being created in recent weeks, BTC’s mining sector expanded as its hashrate hit a record-breaking high on February 26, 2023. The network’s hashrate increased as a result of an inflow of new miners, and Ordinals may have contributed significantly to this increase.
It’s probable that the effect Ordinals had on the price of BTC was what sparked miners’ interest in them. The income from mining got more advantageous as the price of BTC rose, which led to a rise in the number of miners. It became obvious that miners were optimistic on BTC and, therefore, Ordinals when the hashrate hit a new ATH.
According to Glassnode, Ordinals, which employed the protocol for inscription, helped BTC’s Taproot use hit an all-time high a few days ago. As the acceptance and use of Bitcoin Taproot increased along with the rise in popularity of Ordinals. Moreover, as shown by Santiment’s research, Bitcoin NFTs also had an impact on network utilization.
For instance, during the last several weeks, BTC’s transaction count grew. BTC’s daily active addresses also climbed and followed a similar trend. Both of these upward tendencies are attributable to Ordinals’ rising recognition.
It is quite likely that this trend will be reflected in BTC’s chart as Ordinals’ appeal and inscription grow. Some crucial variables from CryotoQuant’s data showed that Bitcoin would breach its barrier around the $25,000 region in the days that followed.
The taker buy sell ratio for BTC showed that purchasing emotion was predominate, therefore the futures market maintained its confidence in the cryptocurrency. The likelihood of a price upswing is increased by the fact that BTC’s financing rate seems optimistic. Also, BTC’s exchange reserve was falling, which is a good indicator since it shows that there is less selling pressure. BTC had a market value of more than $451 billion at the time of publication and was trading at $23,371.22.
