Posted:
- Bitcoin price reached new highs, supported by Ordinals and Inscriptions.
- The number of addresses in profit continued to rise.
As Bitcoin[BTC] continues to rally after recovering from a bearish market, many traders have turned optimistic.
A spike in price
A new day brings fresh records for Bitcoin holders. The realized price hit a year-to-date high, and the short-term holder realized price also reached a YTD peak.
The STH RP saw a 3% surge, marking its highest point since May 2023.
Ordinals play a role
Bitcoin’s daily fees are on the verge of reaching unprecedented levels, posing a potential threat. Over the last week, the Bitcoin network accrued over $52 million in fees, amounting to nearly 25% of miner revenue during that period.
The driving force behind this surge is the Ordinals Protocol.
Bitcoin daily fees are threatening to surge to new all-time highs.
Over the last week, the Bitcoin network has seen over $52m in fees — representing nearly 25% of miner revenue during that period.
The catalyst?
Ordinals Protocol.
This is a big deal because fees need to… pic.twitter.com/R5APks4EOr
— Michael Nadeau (@JustDeauIt) November 20, 2023
Ordinals is a fresh protocol for Bitcoin, something new for a network used to only having its native asset BTC.
Unlike Ethereum, which introduced various token standards, Bitcoin didn’t have this until Ordinals. Thanks to the Taproot upgrade in 2021, it became possible.
Now, let’s talk about inscriptions. They’re like NFTs but with a twist. These digital artifacts, be it text, images, videos, or mp3, are directly inscribed into a sat, the smallest Bitcoin denomination.
This is important because the data is on-chain, making it unchangeable and easy to verify. The interest in both Ordinals and Inscriptions played a key role in BTC’s growth.
Will holders sell
The high activity on the Bitcoin network allowed miners to collect more revenue. This allowed the selling pressure on the miners to decline, thereby supporting the price movement of BTC.
At the time of writing, BTC was trading at $37,196.35. In the last 24 hours, the price of BTC grew by 1.57%.
Is your portfolio green? Check out the Bitcoin Profit Calculator
The MVRV ratio for Bitcoin also grew during this period. This implied that the number of profitable addresses holding Bitcoin had started to grow.
Profitable addresses are more incentivized to sell their holdings, which could cause a slight downward pressure on BTC’s ongoing momentum.
where to get cheap clomiphene without prescription can you get generic clomiphene without rx can you buy clomiphene pills where can i buy generic clomiphene how can i get generic clomid price buying clomid without dr prescription order cheap clomiphene no prescription
More posts like this would force the blogosphere more useful.
This website exceedingly has all of the low-down and facts I needed to this subject and didn’t positive who to ask.
cheap zithromax 250mg – cost metronidazole 400mg flagyl 400mg sale
semaglutide 14mg usa – buy semaglutide cheap buy periactin 4mg
purchase domperidone – buy motilium buy cyclobenzaprine 15mg for sale