Bitcoin [BTC]: How Ordinals and miners catapulted prices

ambcrypto.com:

Many reasons have contributed to Bitcoin’s [BTC] recent and sustained price increase. First, of course, Ordinals’ development is a factor, but so is miners’ decrease in BTC sales due to increased revenue. Okay, but how does it all fit together?

Read Bitcoin’s [BTC] Price Prediction 2023-24

The utility of the Bitcoin blockchain gained a new level with the introduction of Ordinals and its NFT-like operations. According to the findings of Dune Analytics, over 155,000 Ordinals inscriptions have been completed to date. In addition, the Ordinals’ daily inscription chart revealed that there has been an average of 5,000 new inscriptions per day.

Source: Dune Analytics

The Bitcoin blockchain’s transaction count measure has also been impacted by the increase in the number of Ordinals created, according to a post by Glassnode. Even though the current count has decreased as of this writing, the overall level improved, according to Santiment’s data.

More than the volume seen since August, the transaction count indicator revealed an upward trend. However, the number was down to about 115,000 as of this writing.

Source: Santiment

One way to evaluate Bitcoin’s current market value compared to its manufacturing cost in the past is via the Puell Multiple. It considers the current market price of Bitcoin and the “Bitcoin Mining Reward,” the rate at which new Bitcoins are created daily. 

Source: CryptoQuant

Since miners are the only entity with a consistent cost, like running energy, this indicator has historically been spot-on for identifying Bitcoin’s bear market periods. The current Puell Multiple value is about 0.9, the highest over a year per CryptoQuant.

According to statistics compiled by Blockchain.com, miner profits have risen over