"Investors must be surprised to see BTC lagging above $24K, right? I think it will break through $25K right now?"
The price of the king of cryptocurrency Bitcoin (BTC) managed to climb by 11.07% to break through the $24,860 level in the last 24 hours despite the fact that the United States (US) regulators are increasingly acting aggressively against the market.
The positive impact on BTC is reported to occur as most individuals flock to the OG blockchain to use BTC's non-fungible tokens (NFTs) or better known as Ordinals.
Ordinals is a protocol that serves to monitor individual satoshis, where a satoshi is the smallest fraction of BTC taken from the name of the creator of the digital asset, Satoshi Nakamoto.
Explained in more detail, one BTC will be broken into 100 million satoshis and through Ordinals each satoshi will be filled with various data such as pictures or videos to become a unique digital asset.
It is common knowledge that the process of adding data to the satoshi is often referred to as "inscription", and there are currently over 100,000 inscriptions made since Ordinals was launched on January 21, 2023.
It is also understood that Ordinals will be able to function without the need to modify the BTC network following their November 2021 Taproot* upgrade to the digital asset.
*Combines multiple transactions together, making it easier and faster to verify transactions on the Bitcoin network
There are a few things that distinguish NFTs made with Ordinals from the NFTs most people use, with Ordinals creator Casey Rodarmor saying that he prefers the term digital artifact to NFT.
This is because digital artifacts are known to store content on the BTC blockchain network and are not limited to metadata like NFTs on Ethereum (ETH) while they are also completely royalty-free.
