Bitcoin Ordinals Market Heating Up Again
The market for Bitcoin’s unique ordinal inscriptions is experiencing a resurgence after a relatively quiet summer. Recent high-dollar sales, increased trading volumes, and new exchange listings all indicate renewed interest in these distinct digital collectibles.
Key Points
- Recent sale of Bitcoin inscription number 76 for 1.7 BTC (~$60,000) through Rare BTC highlights the continued demand and value for Bitcoin’s “ordinal” inscriptions. This follows their previous sale of inscription 20 for 3 BTC.
- Bitcoin ordinal trading volume has risen to over $10 million across exchanges like OKX and Unisat, reaching levels last seen during the initial NFT craze in May/June.
- The ORDI token associated with Bitcoin ordinals saw a 40% price surge and a 480% spike in trading volume after being listed on Binance, reaching a price over $13 with $600 million in daily volume.
- NFT market may be showing signs of resurgence, with trading volumes on platforms like OpenSea, Blur, X2Y2, and OKX up double digits percent over the past month.
- Bitcoin Magazine pioneered ordinal inscriptions and remains involved in the market through Rare BTC’s brokerage services.
Bitcoin inscription number 76 recently sold for 1.7 BTC (approximately $60,000) through Rare BTC, a division of BTC Inc. focused on rare satoshis and ordinals. This follows their previous record sale of inscription 20 for 3 BTC. These deals highlight the continued demand among collectors for low mint ordinals amidst the broader NFT craze.
NEW: #Bitcoin Inscription Number 76 Sells for 1.7 BTC ($60,000) in Latest Sub-100 Ordinals Sale.
A sale by @Rare_BTC https://t.co/3xlIi1ERWz
— Rare BTC by Bitcoin Magazine (@Rare_BTC) November 8, 2023
Overall trading activity for Bitcoin ordinals has also spiked, crossing $10 million in daily volume across exchanges like OKX and Unisat. Volumes are reaching levels not seen since the initial NFT boom in May and June.
Driving momentum is the newly listed ORDI token associated with Bitcoin ordinals, which quickly became a top performer after its launch on Binance.
Though still below their 2022 highs, there are encouraging signs of a potential NFT market recovery based on rising volumes at OpenSea, Blur, X2Y2, and other platforms. While speculative interest has cooled since a white-hot 2021, collectibles and branded NFTs continue attracting engaged communities and high-dollar sales.
Bitcoin Magazine helped pioneer ordinal inscriptions, auctioning their first engraved magazine cover for 1.25 BTC. They remain active in the space through Rare BTC’s brokerage services, connecting buyers and sellers of prime ordinals.
With promising market metrics and big sales generating buzz, the original crypto collectibles carved into Bitcoin’s blockchain appear to be making a comeback. As both crypto and NFTs gain mainstream traction, these provably scarce digital artifacts are poised for renewed popularity and growth.
Hot Take: Renewed Interest With High Value Sales
The recent surge in high-value sales of Bitcoin ordinals signals renewed interest in these unique digital collectibles. With increased trading volumes and new exchange listings adding to the buzz around these artifacts, it seems that Bitcoin’s ordinal inscriptions are poised for a comeback as both crypto and NFTs continue to gain traction in mainstream markets.
The post Bitcoin Ordinals See Renewed Interest With High Value Sales and Surging Volumes appeared first on Blockonomi.
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