Bitcoin (BTC) Ordinals, popularly referred to as Bitcoin non-fungible tokens (NFTs), are steering a new pathway for the growth of the Bitcoin network despite the harsh criticism from a section of the community in its development phase.
Bitcoin’s average weekly transactions have hit levels not recorded in six years, according to new data from crypto analytics firm IntoTheBlock. On Sunday, the seven-day average of BTC stood at 396,000, its highest mark since Dec 2017.
The surge in transaction volumes can be linked to the rising popularity of Bitcoin Ordinals, a project launched five months ago amid widespread criticisms. Daily inscriptions on Ordinals hit a new record on Saturday with over 223,000 NFTs, according to a Dune report.
(By Aliyu Pokima)
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