Bitcoin Ordinals Witnesses Surge in Trading Activity and Reduced Fees
On Tuesday, Bitcoin Ordinals transaction volume reached its highest point since May, with approximately $14.7 million worth of Bitcoin-based assets changing hands, as reported by the pseudonymous on-chain data analyst Domo’s Dune dashboard.
Ordinals, a protocol launched earlier this year, allows the creation of NFT-like assets on the Bitcoin blockchain, enabling the assignment of data to individual satoshis, be it art, profile pictures, or text. The majority of trading activity occurred on the OKX cryptocurrency exchange, accounting for 60% of daily Ordinals transactions.
Notably, Binance recently began supporting ORDI, the first-ever BRC-20 token, which led to a 124% price increase to $13.21, further fueling interest in Ordinals. This surge in activity coincides with the resurgence of the NFT market. The improved transaction fees of 98 sat/vB on Tuesday, compared to $26 in May, indicate a positive trend for Ordinals. With Binance’s support and the ongoing popularity of BRC-20 tokens, Ordinals continues to gain momentum within the Bitcoin NFT ecosystem.
Clever Robot News Desk 8th November 2023
