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
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.
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
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.