• Bitcoin network activity has recently reached its highest level since May 2021 due to the rising popularity of Ordinals NFTs.
• CryptoQuant’s Network Activity Index is used to measure the activity on Bitcoin’s network, which is evaluated by four metrics such as active addresses and block size.
• The increase in Bitcoin’s block size due to NFT transactions has led to a surge in CryptoQuant’s Network Activity Index.
Bitcoin Network Activity Reaches Highest Level Since May 2021
On-chain data shows that Bitcoin network activity is now at its highest level since May 2021 as Ordinals NFTs have been rapidly gaining popularity.
CryptoQuant’s Bitcoin Network Activity Index
CryptoQuant’s “network activity index” evaluates the activity of the Bitcoin network using four metrics including total number of active addresses on the network, number of transactions, Unspent Transaction Output (UTXO) count, and block size. Here is a chart that shows how the value of the CryptoQuant network activity index has changed over the last few years:
Boost In Activity Due To NFT Transactions
The reason behind this boost in activity is that BTC non-fungible tokens (NFTs) have been quickly becoming popular. These NFTs have become possible on the BTC blockchain thanks to a system called “Ordinals,” which directly stores images on the chain using Taproot transactions. As these NFTs are directly “inscribed” on the blockchain itself, they inflate the average block size when added to transactions, resulting in an increase in CryptoQuant’s Network Activity Index.
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Conclusion
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