Bitcoin Network Activity Hits Highest Level Since May 2021

• Bitcoin network activity is now at its highest level since May 2021, due to the rise of Ordinals NFTs.
• CryptoQuant’s Bitcoin Network Activity Index has been steadily increasing as a result.
• The increase in the index has been attributed to an increase in the block size due to the influx of NFT transactions on the network.

Bitcoin Network Activity Reaches All-Time High

The Bitcoin network activity is currently at its highest level since May 2021, primarily attributed to the popularity of Ordinals NFTs. On-chain analytics firm CryptoQuant’s “Network Activity Index” evaluates the activity of the Bitcoin network using four metrics: total number of active addresses, number of transactions, Unspent Transaction Output (UTXO) count, and block size.

CryptoQuant’s Network Activity Index

According to CryptoQuant’s data, there has been a significant uptick in Bitcoin network activity recently. The value of their “network activity index” has seen steady growth over the last few years and is now at an all-time high. This increase can be attributed mainly to a surge in block size resulting from NFT transactions on the blockchain. As these NFTs are stored directly on-chain – referred to as “inscriptions” – they cause an increase in data stored within each BTC block. As such, this causes an overall boost in activity across the entire network when more NFTs are added into transactions.

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Ordinals NFTs offer numerous benefits for users that traditional digital assets cannot provide; allowing buyers and sellers alike to trade unique collectibles without fear of duplication or theft. Additionally, owners can prove authenticity with cryptographic proof that cannot be forged or manipulated by anyone else but them; making it one of safest ways for users to store and trade digital assets without any risks associated with centralized platforms or custodial solutions which could potentially lead to security breaches and loss of funds/assets.

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