Bitcoin is in the news these days after the sudden increase in Bitcoin price in 2023. Along with the recent price rally, Bitcoin is also witnessing an increase in daily average block size, especially in February.
Bitcoin block space utilization is running at 100% as ordinal inscriptions are consuming 50% of Bitcoin block space, says Pierre Rochard, VP at mining firm Riot Platforms.
Bitcoin Blockchain Activity Rises Amid Increase in Demand
According to data by OKLink, Bitcoin average block size jumps to a three-year high on Monday. The mean block size value reached over 2 million. Moreover, it led Bitcoin block utilization to run at 100%.
Pierre Richard, VP of Research at mining firm Riot Platforms, in a tweet on February 7 revealed that Ordinal Inscriptions are consuming 50% of Bitcoin block space, causing the median fee rate to drop. Ordinal Inscriptions is a type of Bitcoin-native NFT that allows people to associate data like JPEGs with individual sats.
On February 1, 2023, Luxor Mining mined the largest block (#774,628) ever recorded on the Bitcoin network due to the minting of NFT using Ordinals by Udi Wertheimer, approximately 3.96 MB.
On-chain data platform Glassnode reported that spent outputs associated with Taproot have risen dramatically due to rising interest in Inscriptions and Ordinals on Bitcoin. Over 2.8% of all spent outputs utilized the Taproot script in February’s first week, as compared to 1% in mid-Jan.
Glassnode revealed that a surge in Bitcoin Taproot activity has increased Taproot Adoption metric to an ATH 7.47% and Taproot Utilization to 2.84%.
Bitcoin Price To Rally Higher
Bitcoin (BTC) price rallied over 40% since the start of the year amid bullish news. BTC price jumped nearly 1% in the last 24 hours, with the price currently trading at $$22,954. The 24-hour low and high are $22,692 and $23,119, respectively. Furthermore, the trading volume has increased by 15% in the last 24 hours, indicating a slight increase in interest.
Trading awaits U.S. Federal Reserve Chair Jerome Powell speech today to plan their move for the next coming weeks.
Also Read: Crypto Prices To Recover As DCG, Genesis, Gemini, And Creditors Reach Agreement
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