Ordinal NFTs Take Bitcoin Network by Storm; Volatility Slows

• Ordinal NFTs have recently been launched on the Bitcoin network, generating mixed reactions in the crypto community.
• Bitcoin’s mean transaction size is currently at a 4-year high.
• Meanwhile, the derivatives market shows that open interest and demand for leverage is gradually growing.

Ordinal NFTs On The Bitcoin Network

The Ordinal NFTs have received mixed reactions in the crypto community. Some feel that this exploration of the Bitcoin network is a step in the right direction that may offer more opportunities in the future. Others claim that the move goes beyond what Bitcoin stands for. Nevertheless, the floor price for those NFTs has been rising with an all-time high sale of 9.5 BTC ($215K) today.

Impact Of NFTs On The Network

The potential impact of having NFTs on the network is perhaps the biggest concern. Will it slow down the network or make it more congested? The Ethereum network has experienced such challenges in the past which have impacted significantly on ETH’s price. In most cases, network congestion is translated as high demand and this could be beneficial to Bitcoin’s native cryptocurrency if similar conditions arise here too.

Bitcoin’s Mean Transaction Size

Bitcoin’s mean transaction size is currently at a 4-year high, indicating higher levels of activity on its blockchain network than ever before. This could lead to potential benefits such as faster transactions and better scalability options if these trends continue going forward.

Derivatives Market Indicators

The derivatives market also offers insights into BTC’s current position and growth prospects over time. Open interest appears to be trending upwards while funding rates have dropped due to lower volatility levels in recent weeks – both signs that there still exists some level of demand for BTC among traders and investors alike despite these current market conditions..

Liquidations Remain Low

Liquidations remain relatively low at press time despite these seemingly positive indicators coming out from both markets; a sign that traders are still cautious about entering positions even when presented with attractive opportunities to do so – further evidence of a lack of conviction within this space overall