Rally Driven by Various Factors
Bitcoin (BTC) has experienced a significant increase in value, rising above 14% in the past week. This surge in the market leader is a result of several factors igniting bullish sentiments.
- The increased network activity driven by BTC Ordinals, also known as Bitcoin non-fungible tokens (NFTs).
- Institutional investors’ anticipation for a spot Bitcoin ETF in the United States.
- A generally positive outlook for the market.
“BTC Ordinals (ORDI) has skyrocketed 850% in 39 days and has reached a market capitalization of $1 billion, making it the first BRC-20 token to achieve this milestone.” – Anonymous
Despite initial criticisms regarding congestion issues earlier in the year, BTC Ordinals have proven their utility to the network. At present, the token is trading above $55, showing a 7.7% increase in the past day and over 200% in the last seven days, with trading volume exceeding $1 billion.
Bitcoin Ordinals were introduced in January, allowing users to make inscriptions on the Bitcoin network. Recent on-chain data indicates a significant increase in activity, with more than 48 million Ordinals inscribed on the network, resulting in $149 million in transaction fees.
“The growth of Ordinals has led to the Bitcoin network surpassing Ethereum in terms of transaction fees, contrary to expectations.” – Anonymous
