Bitcoin News: Bitcoin Activity Jumps to a Three-Year High. Is BTC Price $30K Next for Bitcoin?
After the sudden rise in Bitcoin’s price in 2023, Bitcoin is hot news. In February, Bitcoin saw an increase in the average daily block size, which is a sign of the recent price rise.
Bitcoin block space utilization is at 100%, as ordinal inscriptions consume 50% of Bitcoin blockspace, according to Pierre Rochard (VP at mining company Riot Platforms).
Bitcoin Blockchain Activity Increases amid Increasing Demand
OKLink data shows that Bitcoin’s average block size rose to a three-year peak on Monday. The average block size reached more than 2 million. It also led to Bitcoin block utilization running at 100%.
Bitcoin Average Daily Block Size. Source: OKLinkPierre Richard (VP of Research at Riot Platforms) tweeted on February 7 that Ordinal Inscriptions were consuming 50% of Bitcoin blockspace, which caused the median fee rate drop. Ordinal Inscriptions, a type of Bitcoin native NFT that allows people associate data like JPEGs and individual sats, is one type of Ordinal Inscriptions.
Luxor Mining, which mined the largest block (#774,628) on the Bitcoin network, made the record for the minting of NFT using Ordinals, by Udi Wertheimer. It took approximately 3.96 MB.
Glassnode, an on-chain data platform, reported that Taproot’s spent outputs have increased dramatically due to increasing interest in Ordinals and Inscriptions on Bitcoin. Taproot script was used by 2.8% of all outputs in February’s first weeks, compared to 1% mid-Jan.
Glassnode reported that a spike in Bitcoin Taproot activity has led to an increase in Taproot Adoption to an ATH 7.47%, and Taproot Utilization at 2.84%.
Bitcoin Taproot Adoption & Utilization. Source: GlassnodeBitcoin Price to Rally Higher
Bullish news has led to Bitcoin (BTC), which has seen a 40% increase in price since the beginning of the year. The price of Bitcoin (BTC) has risen nearly 1% over the past 24 hours. It currently trades at $$22954. The 24-hour low and highest are $22,692 (and $23,119) respectively. The trading volume has increased by 15% over the last 24 hours, which indicates a slight rise in interest.
Trading is awaiting the speech of Jerome Powell, Chair of the U.S. Federal Reserve, today to plan their next move for the coming weeks.
Also read: Crypto prices to recover as DCG, Genesis and Gemini reach agreement
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