Bitcoin [BTC]: How Ordinals and miners catapulted prices

The Puell Multiple metric was at its highest in 14 months at press time. Ordinals have also helped the transaction count metric surge in the past weeks. 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 […]

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.The Bitcoin blockchain’s transaction count measure has also been impacted by the increase in the number of Ordinals created, according to aby Glassnode.

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.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 ofSource: 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 perAccording to statistics compiled by Blockchain.com, miner profits have risen over the past few weeks. Bitcoin’s price surge to the $24,000 region has boosted miners’ profits.

With increased profits, miners are under less pressure to offload their wares to recoup manufacturing expenses. As a result, stability in Bitcoin’s price was inevitable after the sale pressure from miners subsided.

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