{"id":10361,"date":"2023-02-14T04:51:17","date_gmt":"2023-02-14T04:51:17","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=10361"},"modified":"2023-02-14T04:51:18","modified_gmt":"2023-02-14T04:51:18","slug":"bitcoin-hits-record-44m-non-zero-addresses-thanks-to-ordinals-glassnode","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=10361","title":{"rendered":"Bitcoin hits record 44M non-zero addresses, thanks to Ordinals: Glassnode"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>The launch of Bitcoin nonfungible tokens (NFTs) \u2014 known as Ordinals \u2014 has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode.<\/p>\n<p>In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin\u2019s 14-year history, a portion of network activity is being used for purposes other than peer-to-peer monetary Bitcoin (BTC)\u00a0 transfers:<\/p>\n<p>\u201cThis 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.\u201d<\/p>\n<p>Glassnode explained that the Ordinals surge has contributed to a \u201cshort-term uptick in Bitcoin network usage of late\u201d which has brought many \u201cnew active users\u201d with a non-zero BTC balance to the network:<\/p>\n<p><em>Bitcoin addresses with a non-zero balance is surging. Source:<\/em><em> <\/em><em>Glassnode<\/em><\/p>\n<p>\u201cThe 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,\u201d said Glassnode. <\/p>\n<p>\u201cThis describes a growth in the user base [&#8230;] from usage beyond the typical investment and monetary transfer use cases,\u201d it added.<\/p>\n<h3>A new player competing for block space<\/h3>\n<p>Glassnode noted that Ordinals is now competing for block space demand, which is \u201ccreating upward pressure on the fee market,\u201d but noted that this hasn\u2019t led to a significant increase in Bitcoin transaction fees.\u00a0<\/p>\n<p>According to Glassnode, since Ordinals launched on Jan. 21,\u00a0the 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.<\/p>\n<p><em>Mean Bitcoin block sizes over the last three months. Source:<\/em><em> <\/em><em>Glassnode<\/em><\/p>\n<p>However, this hasn&#8217;t led to a surge in fees.\u00a0While there have been some short-lived spikes, Glassnode stated that a \u201cnew lower bound transaction fee required for block inclusion\u201d has been reached since Ordinals made their mark on Jan. 21.<\/p>\n<p><em>Median transaction fees on the Bitcoin network over the last five years. Source: <\/em><em>Glassnode<\/em><\/p>\n<p>The technological applications behind the Ordinal protocol were enabled by the Taproot soft fork,\u00a0which took effect in November 2021. Bitcoin Ordinals launched on Jan. 21.<\/p>\n<p>Through the use of the Ordinals numbering scheme, Bitcoin users can assign arbitrary content to satoshis \u2014 the smallest denomination of BTC \u2014 which enables them to inscribe Bitcoin-native, nonfungible token (NFT)-like images.<\/p>\n<p>There have been over 78,400 NFT-like images and videos inscribed thus far.<\/p>\n<p><em>The latest Ordinals inscripted onto the Bitcoin network. Source. <\/em><em>Ordinals<\/em><\/p>\n<p>The impact of the NFT-like images on Bitcoin hasn\u2019t come without controversy though.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Bitcoin is already in its \u2018next bull market cycle\u2019 \u2014 Pantera Capital <\/em><\/strong><\/p>\n<p>Some notable \u201cBitcoiners\u201d such as Blockstream CEO Adam Back have recently expressed their dislike for the Ordinals protocol, suggesting that it deviates from Bitcoin\u2019s purpose as a peer-to-peer electronic cash system.<\/p>\n<p>However, others have been more open to the idea. Bitcoin bull Dan Held has asserted on several occasions that Ordinals bring more \u201cfinancial use cases to Bitcoin.\u201d<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-hits-record-44m-non-zero-addresses-thanks-to-ordinals-glassnode\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The launch of Bitcoin nonfungible tokens (NFTs) \u2014 known as Ordinals \u2014 has tipped the number of non-zero Bitcoin addresses to a new all-time high of 44 million, according to crypto analytics platform Glassnode. In a Feb. 13 report from Glassnode, the firm explained that for the first time in Bitcoin\u2019s 14-year history, a portion [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10362,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-10361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10361"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10361\/revisions"}],"predecessor-version":[{"id":10363,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/10361\/revisions\/10363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/10362"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}