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Bitcoin breaks above address all-time high

With the rollout of NFTs, transaction fees and block size on the Bitcoin network have risen.

By Mike Hesp
• 1 min read
Bitcoin breaks above address all-time high

With the rollout of NFTs, transaction fees and the block size on the Bitcoin network are rising. Non-zero addresses are at a record high.

Since NFTs arrived on the Bitcoin blockchain, the number of so-called non-zero addresses has climbed to a new record of 44 million.

Non-zero addresses are addresses that hold a positive amount of coins. This metric has historically been used as a gauge of long-term BTC demand.

A Glassnode report explains that for the first time in Bitcoin's 14-year history, some network activity is being used for purposes other than money transfers.

Specifically it states: "This is a new and unique moment in Bitcoin's history. The primary source of this activity is ordinals, which carry more data and new active users instead of a large coin load."

"The average Bitcoin block size has risen in a matter of weeks from about 1.5–2.0 MB to 3.0–3.5 MB," it continues. In blockspace, Bitcoin NFTs now account for 70 percent.

Sure, NFTs are putting "upward pressure on transaction fees." However, BTC fees have "not risen significantly," according to Glassnode. Meanwhile the debate over ordinal inscriptions on the Bitcoin blockchain is heating up.

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