Ordinals are driving up Bitcoin fees — but that may be good for the network

Bitcoin has had a stellar few weeks, up more than a 60% price increase since Sept. 11, as highlighted by CoinGecko. This upswing is part of a larger increase over the past year, buoyed by growing market dominance and a steady rise in open interest.

Moreover, the blockchain itself has shown increased on-chain activity throughout 2023, barring slowdowns in May and October, indicating a broader revival in Bitcoin’s usage and interest.

This on-chain activity renaissance is largely driven by Ordinal inscriptions — a relatively new way to embed unique data, like art, onto the Bitcoin blockchain.

Read more: Ethereum won’t flip Bitcoin anytime soon, but Ordinals could change that


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