“This is a new and unique moment in Bitcoin history, where an innovation is generating network activity without a classical transfer of coin volume for monetary purposes.”
Glassnode explained that the Ordinals surge has contributed to a “short-term uptick in Bitcoin network usage of late” which has brought many “new active users” with a non-zero BTC balance to the network:“The primary source of this activity is due to Ordinals, which instead of carrying a large payload of coin volume, is instead carrying a larger payload of data and new active users,” said Glassnode.
“This describes a growth in the user base [...] from usage beyond the typical investment and monetary transfer use cases,” it added.Glassnode noted that Ordinals is now competing for block space demand, which is “creating upward pressure on the fee market,” but noted that this hasn’t led to a significant increase in Bitcoin transaction fees., the upper range of the mean Bitcoin block size has increased from 1.5-2.0 MB to 3.0-3.5 MB in a matter of weeks.
In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin’s 14-year history, a portion of network activity is being used for purposes other than peer-to-peer monetary Bitcoin (BTC) transfers.
What should be the basic 3 reasons?
Why have rare pepes been forgotten?
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