As the popularity of Bitcoins continues to rise, so will its prices, which would make it harder for new addresses to buy BTC.
The hike in BTC’s growing popularity cannot be attributed solely to the USDC incident, however, as recent developments related to BTC inscriptions have also contributed to the same. BTC inscriptions have now allowed for NFTs to be minted through the Bitcoin network. They now make up for 63% of all inscription activity. NFTs such as Bitcoin Punks, Rocks, and Taproot Wizards have been showing huge potential for Bitcoin’s NFT market.
Aside from NFT’s, other services such as naming systems have also generated interest in the Bitcoin network. The same was evidenced by the popularity of Sats Names, with the latter recording 46,000 new registrations over the last 2 weeks.Due to all these factors, it is unlikely that new addresses could get a hold of new BTC at lower rates anytime soon. However, there are other indicators that suggest that there may be an incentive for some BTC holders to sell their current holdings.
This could drive BTC’s prices down and give new investors an opportunity to buy BTC at an attractive rate.Subscribe to get it daily in your inbox.
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