• Ordinals is a recent NFT project that has recently gained popularity in the Bitcoin [BTC] community, with over 81,000 Ordinals minted at the time of writing.
• This increased activity has had a positive impact on the number of active and non-zero addresses on the Bitcoin network, reaching an all-time high of over 44 million.
• Despite this, Bitcoin’s price has remained below $22,000 and has not been significantly affected by Ordinals.
Introduction
Ordinals is a recent NFT project that has recently gained popularity in the Bitcoin [BTC] community, with over 81,000 Ordinals minted at the time of writing. This new initiative to integrate NFTs into the Bitcoin ecosystem was introduced last month and saw its peak on 9th February 2023 with more than 20,800 inscriptions for that day alone.
Impact on Active Addresses
The increased activity from Ordinals have had a positive impact on the number of active and non-zero addresses on the Bitcoin network, reaching an all-time high of over 44 million as observed by Glassnode data. Furthermore Santiment’s metric showed a downward trend in January but an upward trend setting in during February resulting in a measure higher than what was seen in the better parts of January.
Price Impact
Despite this increased activity from Ordinal projects, it hasn’t been able to significantly affect BTC’s price which currently stands at about $21,700 despite being around $22k just weeks ago.
Conclusion
Overall there have been positive signs for Bitcoin as seen by its increasing active address count along with other metrics being positively impacted by new NFT projects such as Ordinals which have added more use cases to the king coin beyond peer-to-peer payments for first time since its inception 14 years ago. Despite this however BTC’s price still remains relatively low and hasn’t been significantly affected yet though this may likely change soon enough if more projects like these keep popping up regularly within crypto space.
FAQs
Q: How much are 1 10 100 BTCs worth today?
A: Currently 1 10 100 BTCs is worth about 21 700 USD as per current market prices.