The fluctuation in the cryptocurrency markets moves the Bitcoin price up and down. The leading cryptocurrency has been trending directionless for the past 40 days.
While the majority of investors are worried about the price stall, some positive on-chain data is noteworthy. According to data from The Block, the number of daily transactions on the Bitcoin network has peaked at an average of 7 days. The average transfer over the past 7 days on the BTC blockchain has increased to 408,000.
Although interest in the cryptocurrency is not at its peak due to the price of Bitcoin, new records are confusing. Experts associate the new peaks in the number of transfers with the trend of recent weeks, Bitcoin Ordinals.
Increasing Interest in Ordinals
Investor interest in Ordinals is growing, according to the metric from on-chain data tracker Dune Analytics.
The Daily Inscriptions metric hit an all-time high of 233,000 on April 29, 2023.
Bitcoin Ordinals is a protocol that allows NFT creation on the BTC network.
The leading cryptocurrency gained 3% during the month of April. Particularly, the volatile movements that have taken place since April 10 put traders trading in the leveraged market in a difficult situation.
$BTC is currently trading around $29,200.