Ordinals minting sees uptrend as key metrics on Bitcoin [BTC]…

by James · February 14, 2023

Active and non-zero addresses increase as Ordinal’s mintage exceeds 80,000.
However, Bitcoin has remained at around 21,000 despite positive moves from the Ordinals.

Despite what appeared to be opposition from Bitcoin “purists”. [BTC] society, the popularity of Ordinals has been steadily increasing. This popularity has reportedly affected some important calculations for the royal coin, according to Glassnode.

Read Bitcoins [BTC] Price prediction 2023-24

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And the coin continues…

The data collected by Dune Analytics enabled a more accurate assessment of the new NFT project’s popularity on Bitcoin. The information that was observed showed that there were over 81,000 Ordinals minted at the time of writing. In addition, there have been over 2,700 minted Ordinal coins, including texts, photographs and videos.

Source: Dune Analytics

Ordinals, the latest initiative to integrate NFTs into the Bitcoin ecosystem, was introduced last month. The number of Ordinals minted peaked on February 9, 2023, exceeding 20,800 inscriptions for the day. The volume currently visible on Dune is symptomatic of a continuous rise of the dominant NFT on the Bitcoin blockchain.

Ordinals positively affect these addresses

For the first time in Bitcoin’s 14-year existence, the Bitcoin network has more uses beyond peer-to-peer payments, according to a report from Glassnode published on February 13.

The recent short-term surge in Bitcoin network utilization was partly caused 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 with a non-zero balance increased to an all-time high of over 44 million at the time of writing.

Source: Glassnode

Furthermore, a thorough examination of the active address metrics with a focus on the seven-day statistics revealed the network’s growth. The Santiment calculation showed a downward trend in the metric in January and an upward trend in February. The measure was over 4.8 million at the time of writing, and the current level seemed higher than that seen in the better parts of January.

Source: Sentiment

How much is 1,10,100 BTC worth today?

Bitcoin price remains below $22,000

Despite the benefits that Ordinals brought to the Bitcoin network, it has not been able to significantly affect the price of Bitcoin. BTC was trading around $21,700 at the time of writing, an apparent decline from the $22,000 range where it had resided for several weeks. It has not fully recovered from its more than 5% decline on February 9.

The coin remained in a bearish trend due to the decline, 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 served as the support level.