The volume of cryptocurrency transactions in bitcoin reached a historic high

According to IntoTheBlock, the daily volume of cryptocurrency transactions in bitcoin reached an all-time high of 685,711. This happened amid a surge in activity related to the Ordinals protocol, which allows the creation of NFTs based on the BTC network.

The previous ATH (all-time-high) of daily transactions was recorded on December 14, 2017 at 490,459. It was the first time that the cost of a BTC approached $ 20,000.

The popularity of Ordinals significantly affects various on-chain metrics not only of the flagship cryptocurrency but also of altcoins. Thus, the rapid growth of Conflux, Stacks, and SingularityNET tokens in February was associated with the launch of the Ordinals protocol.

At the time of writing, according to Dune Analytics, 3,130,802 bitcoin NFTs have been issued. The issuance cost 256,6132 BTC ($ 7.2 million) in fees. Over 370,000 Ordinals were issued in the last day.

As for the price of BTC $62,924.40 Bitcoin 2.12% Market capitalization $1.24 trillion VOL. 24 hours $1.36 billion , researchers from the Glassnode analytical platform predicted that the market leader will fall to $ 24,400-$ 24,000. The dynamics of BTC may be affected by the outcome of the US Federal Reserve meeting, which will discuss the trajectory of the key interest rate, statements by Fed Chairman Jerome Powell, and selling pressure from short-term investors.