Bitcoin Activity Hits Highest Since May 2021 As NFTs Gain Steam

On-chain data shows that Bitcoin network activity is now at its highest level since May 2021 as Ordinals NFTs have been rapidly gaining popularity.

CryptoQuant’s Bitcoin Network Activity Index Has Shot Up Recently
As per data from the on-chain analytics firm CryptoQuant, the BTC network has seen a significant uptick in activity. The relevant indicator here is CryptoQuant’s “network activity index,” which evaluates the activity of the Bitcoin network using four metrics.