Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Binance’s Listing Sends Bitcoin Ordinals Trading To A 6-Month Peak

Binance’s Listing Sends Bitcoin Ordinals Trading To A 6-Month Peak

Hania by Hania
November 8, 2023
in Bitcoin News, Crypto Exchanges
Reading Time: 3 mins read
A A
0
Bitcoin Core developer Luke Dashjr disclosed a critical vulnerability within Bitcoin Core that has been exploited by Inscriptions, potentially impacting the functionality of Bitcoin Ordinals and BRC-20 tokens. While addressing the community, Dashjr highlighted the imminent cessation of these entities due to the vulnerability fix.
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

Toggle
  • Bitcoin Ordinals Reach New Heights
  • Binance Amplifies The Impact
  • The Origin Of BRC-20 Tokens
  • NFT Market Rejuvenation And Momentum

The market for Bitcoin Ordinals experienced a significant surge on Tuesday following Binance’s announcement of support for ORDI, the original BRC-20 token. Transactions related to Bitcoin Ordinals saw their highest volumes since May, with approximately $14.7 million worth of Bitcoin-based assets changing hands at the time of writing, according to data provided by the pseudonymous on-chain data analyst, Domo.

Bitcoin Ordinals Reach New Heights

Introduced earlier this year, Ordinals has introduced the ability to create NFT-like assets on the Bitcoin blockchain. This protocol allows individuals to attribute data to individual satoshis, which are equivalent to 1/100,000,000 of a whole Bitcoin. These data could represent various forms of content, including art, profile pictures, or text.

The majority of the trading volume on Tuesday occurred on the cryptocurrency exchange OKX, accounting for 60% of daily Ordinals transactions as per Domo’s data. While OKX has supported Ordinals since May and remains a significant contributor, it’s worth noting that Binance’s recent involvement is also of paramount importance.

Also Read: Bitcoin Ordinals NFT Sold For $7 Million As The Market Grows Stronger

You May AlsoLike

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024

Binance Amplifies The Impact

Binance, one of the largest cryptocurrency exchanges globally, began allowing customers to trade ORDI, the first-ever BRC-20 token, on Tuesday. This development has led to an impressive 124% increase in the price of the Bitcoin-based token, soaring to $13.21 from its initial price of $5.91 on Binance’s platform. Furthermore, across all exchanges, an impressive $471 million worth of ORDI tokens have changed hands in the past day.

The surge in Bitcoin’s price towards the $35,000 mark, coupled with Binance’s support of ORDI, has ignited interest in all aspects of the Ordinals ecosystem, whether it pertains to fungible tokens or JPEG-like assets. The remarkable scale of Binance’s influence in the crypto market cannot be overstated, making it a pivotal factor in driving the Ordinal’s trading volume to new heights.

Binance's Listing Sends Bitcoin Ordinals Trading To A 6-Month Peak

The Origin Of BRC-20 Tokens

The concept of BRC-20 tokens is a product of innovation and inspiration, heavily influenced by Ethereum’s ERC-20 standard that serves as the backbone for a multitude of tokens, including the popular USDT stablecoin. Domo, the key figure behind the development, issued the first BRC-20 token, ORDI, as an experiment in March, setting the stage for the rapid growth and adoption of the Ordinals ecosystem.

Despite the exceptional developments and surges in Ordinals trading, Domo chose not to comment on the matter. However, the creator of Ordinals, Casey Rodarmor, clarified the relationship between Binance’s support of ORDI and the Ordinals protocol. In a tweet, Rodarmor explained that Binance had mistakenly associated Domo’s token with the Ordinals project, noting that “ORDI is not associated with the Ordinals project.” He expressed optimism that the issue would be resolved soon.

I hope this gets fixed soon. ORDI is not associated with the Ordinals project, The Open Ordinals Institute, or The Ordicord.

Those links should be removed, and the token should not be named "Ordinals". The name of the token is ORDI.

If anyone has any contacts at Binance they… https://t.co/vR9cneIPBk

— Casey (@rodarmor) November 7, 2023

NFT Market Rejuvenation And Momentum

Binance's Listing Sends Bitcoin Ordinals Trading To A 6-Month Peak

The surge in Ordinals transaction volume coincides with the resurgence of the NFT market. While NFTs faced scrutiny and were featured in a segment on “The Simpsons” on Sunday, NFT trading volumes experienced a notable three-month high the following day.

The positive momentum in the Ordinals ecosystem is complemented by the increasing participation of influential NFT firms. Entities like the Bored Ape Yacht Club maker, Yuga Labs, have leveraged Ordinals to create Bitcoin-based art. The protocol’s momentum was initially bolstered earlier this year by the fervour surrounding BRC-20 tokens. Binance’s involvement has served to reinvigorate the broader Bitcoin NFT ecosystem, with knock-on effects extending far beyond expectations.

In conclusion, the Ordinals ecosystem has experienced significant growth in trading volume, spurred by Binance’s support of the ORDI token. While OKX played a crucial role in the past, Binance’s influence in the cryptocurrency market has amplified the impact, leading to substantial gains in ORDI’s value. The emergence of BRC-20 tokens and the resurgence of the NFT market further fuel the momentum, solidifying Ordinals’ position in the cryptocurrency landscape.

Tags: bitcoincrypto newsCRYPTO ORDINALS
Share76Tweet48
ADVERTISEMENT
Previous Post

Bitcoin’s November Outlook: Key Factors And Market Analysis

Next Post

Why Is Ethereum Lagging Behind Altcoins? 3 Critical Factors Explored

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement
Crypto Exchanges

OKX Pleads Guilty, Resolves DOJ Investigation with $505M Settlement

February 28, 2025
Bitget Introduces BitEXC
Crypto Exchanges

Bitget Introduces BitEXC: A Customized Crypto Platform for Vietnam

December 3, 2024
Coinbase high listing fee
Crypto Exchanges

Coinbase Face Scrutiny Over High Listing Costs, Sparking Shift Towards Decentralized Platforms

November 5, 2024
Bitcoin Treasure Hunt- James Howells Takes Legal Action Over Lost $500M Stash
Bitcoin News

Bitcoin Treasure Hunt: James Howells Takes Legal Action Over Lost $500M Stash

October 14, 2024
Speculation on Peter Todd as Satoshi
Bitcoin News

HBO Documentary Fuels Speculation on Bitcoin’s Creator: Peter Todd Responds

October 10, 2024
Bitfinex to Receive 120K BTC for 2016 Hack
Crypto Exchanges

Bitfinex to Receive 120K BTC for 2016 Hack: A Major Recovery Update

October 9, 2024
Next Post
Why Is Ethereum Lagging Behind Altcoins? 3 Critical Factors Explored

Why Is Ethereum Lagging Behind Altcoins? 3 Critical Factors Explored

Discussion about this post

Live Prices

You have not selected any currency to display

Stay Connected

You May Also Like

  • Bitcoin Halving Update: Bitwise CEO's $100k Price Projection Sparks Excitement

    Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    239 shares
    Share 96 Tweet 60
  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    197 shares
    Share 79 Tweet 49
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • OKB Price Prediction 2023 – 2030: Will OKB reach $200?

    201 shares
    Share 80 Tweet 50
  • Litecoin (LTC) Price Prediction For 2023,2024, 2025 And 2030

    202 shares
    Share 81 Tweet 51
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.