Bitcoin’s hashrate reached a new all-time high on February 26. Daily active users have increased in recent weeks, and other metrics have been bullish.
Bitcoin [BTC] Ordinals surpassed the benchmark of successfully enrolling over 200,000 NFTs. This milestone was reached quickly, as it’s only been a couple of months since Ordinals’ release. The total number of ordinals registered so far has reached 207,269, and image-type ordinals represented the majority.
However, it was interesting to note that the volume declined after registering the highest number of ordinals on February 9.
While more NFTs have been minted in recent weeks, BTC’s mining industry saw growth when its hash rate reached a new all-time high on February 26, 2023. The increase in hash rate reflected an influx of new miners into the network, and Ordinals may have played a part in driving this rise.
One possible reason for miners’ interest in Ordinals may be the impact it had on the BTC price. As the BTC price increased, the revenue generated from mining became more lucrative, resulting in an increase in the number of miners. As the hashrate reached a new ATH, it became clear that miners were bullish on BTC and, by extension, Ordinals.
BTC Prepared on the Metrics Front
According to Glassnode, Taproot’s use of BTC hit an all-time high a few days ago, thanks to Ordinals using the protocol for enrollment. As the popularity of Ordinals skyrocketed, so did the use and adoption of BTC Taproot. Not only this, but Bitcoin NFTs also had an effect on network usage, which was evident from Santiment’s data.
The number of BTC transactions increased in recent weeks. Furthermore, BTC daily active addresses followed a similar pattern and increased. Both of these uptrends can be attributed to the growing popularity of ordinals.
Will Ordinals’ Achievements Be Reflected on BTC’s Chart?
As the popularity and enrollment of Ordinals continue to increase, the chances of this development reflected in BTC’s chart cannot be underestimated. CryotoQuant’s data revealed quite a few key metrics that suggested that BTC could break its resistance near the $25,000 zone in the following days.
The derivatives market remained confident in BTC as its buyer-buy and sell ratio indicated buying sentiment was dominant. The BTC funding rate also looked bullish, raising the chances of a price uptrend. Also, the BTC exchange reserve was declining, which is a positive sign as it indicates lower selling pressure. At the moment, BTC was trading at $23,371.22, with a market capitalization of over $451 billion.
By Audy Castaneda
