Ordinals and Descriptions promote the increase of the activity on the Bitcoin chain: the total number of non-zero balance addresses rose to 44.06 million ATHs

It is reported that according to the latest data from Glassnode, a blockchain analysis company, the activities on the Bitcoin chain have increased significantly. Since the surrender event triggered by the FTX bankruptcy, the monthly average number of new addresses added to the Bitcoin network has exceeded the annual average, and the total number of non-zero balance addresses has been pushed to a record high of 44.06 million addresses, indicating that the recent use of Bitcoin network has a short-term rise.

Interpretation of this information:

The recent data from Glassnode, a blockchain analysis company, reveals that the activities on the Bitcoin chain have increased significantly. Following the FTX bankruptcy, a surge of new addresses added to the Bitcoin network has been observed, and the total number of non-zero balance addresses has increased to a record high of 44.06 million addresses. This suggests that, in the short term, the use of the Bitcoin network has increased.

The surge in the number of Bitcoin addresses comes after the FTX bankruptcy event, which led to a surrender of funds by users. This has created an opportunity for new investors to enter the market, leading to an increase in activity on the Bitcoin chain. The surge also suggests that people are exploring the possibility of investing in Bitcoin, given its potential to offer better returns than traditional forms of investment.

The increasing popularity of Bitcoin as a means of investment can be attributed to the growing acceptance of cryptocurrencies in various parts of the world. Additionally, the recent trend of high inflation rates in various countries has led to a shift in people’s preference towards Bitcoin and other cryptocurrencies, as they seek to protect their savings from being eroded by high inflation. This has led to an increase in Bitcoin adoption by individuals and institutions alike, which has resulted in the growth of the network.

In conclusion, the latest data from Glassnode shows that the activities on the Bitcoin chain have increased significantly, with a surge in new addresses and non-zero balance addresses. This suggests that the short-term use of the Bitcoin network has increased, mainly due to the surrender event triggered by the FTX bankruptcy. The increasing popularity of Bitcoin as an investment alternative also indicates the growing acceptance of cryptocurrencies globally, and a shift in preference toward Bitcoin and other cryptocurrencies due to high inflation rates in various countries.