According to statistics from crypto monitoring site Glassnode, as of February 21, Bitcoin's current demand for inscription transactions, which stands at 1.14, has driven the asset's transaction count momentum to the greatest level since January 2021, crypto media outlet Finbold reported on February 21.

Markedly, this is a significant achievement for Bitcoin, which has struggled to sustain a steady level of on-chain activity in recent months due to the broader market decline. In this vein, the indicator illustrates the general health of the Bitcoin network while providing a preview of what to expect, particularly in terms of price fluctuation.

On February 16, the Taproot feature, an upgrade to the Bitcoin network that facilitates more private and secure transactions, while also improving scalability, had the highest adoption rate of 13%. Indeed, the Ordinal inscription on the network can also be linked to the transaction obsession. Ordinals are non-fungible tokens (NFTs) that can be permanently held within the blockchain in this situation.

Bitcoin is currently traded at roughly $24,200.

Source: FINBOLD