Ordinals minting sees uptrend as key metrics on Bitcoin [BTC]…
- Active addresses and non-zero addresses increase as Ordinals mints surpass 80,000.
- Bitcoin has, however, remained at around 21,000 despite positive moves from Ordinals.
Despite what appeared to be resistance from “purists” in the Bitcoin [BTC] community, the popularity of Ordinals has kept rising. This popularity has reportedly affected some important metrics of the king coin, according to Glassnode.
Read Bitcoin’s [BTC] Price Prediction 2023-24
And the mint goes on…
The data compiled by Dune Analytics allowed for a more accurate assessment of the new NFT project’s popularity on Bitcoin. The information observed showed that there were over 81,000 Ordinals minted at the time of writing. In addition, there have been over 2,700 mints of the minted Ordinal, including texts, photographs, and videos.
Ordinals, the most recent initiative to integrate NFTs into the Bitcoin ecosystem, was introduced last month. The number of Ordinals minted peaked on 9 February, 2023, surpassing 20,800 inscriptions for the day. The amount currently visible on Dune is symptomatic of a continuous rise of the dominant NFT on the Bitcoin blockchain.
Ordinals impact these addresses positively
For the first time in Bitcoin’s 14-year existence, the Bitcoin network has more use beyond peer-to-peer payments, according to a report from Glassnode published on 13 February.
The recent short-term increase in Bitcoin network utilization was caused partly by the boom in Ordinals. The boom brought many new active users with non-zero BTC balances to the network. As a result, the number of addresses having a non-zero balance increased to an all-time high of over 44 million at the time of writing.
Furthermore, a thorough examination of the active address metric with a focus on the seven-day statistic revealed the network’s growth. The santiment metric showed a downward trend in the metric in January and an upward trend setting in, in February. The measure was over 4.8 million as of the time of writing, and the present level appeared higher than what was seen in the better parts of January.
How much are 1,10,100 BTCs worth today?
Bitcoin price remains below $22,000
Despite the advantages that Ordinals brought to the Bitcoin network, it has not been able to significantly affect the price of Bitcoin. BTC was trading at about $21,700 as of this writing, an apparent decline from the $22,000 area in which it had resided for weeks. It has not fully recovered after its over 5% dip on 9 February.
The coin was still in a bear trend due to the decrease, as shown by the Relative Strength Index (RSI). The price movement could be seen below the short and long Moving Averages (yellow and blue lines), which also acted as its support level.