The Bitcoin Ordinals market experiences record-breaking trading volume
The trading volume of Bitcoin Ordinals reached a new high on December 12, surpassing $36 million. This surge in activity followed the announcement from Binance regarding the inclusion of BRC-20 Sats (1000SATS), which generated significant excitement among traders. The spot trading pairs for 1000SATS were made available earlier this week as part of the listing.
Bitcoin Ordinals gain momentum after a period of slowdown
Bitcoin Ordinals, similar to NFTs on the Bitcoin blockchain, have been a topic of controversy. After experiencing a slowdown for a few weeks, Ordinals Inscriptions once again gained significant interest, with trading volume exploding in mid-November. Data from Dune Analytics revealed that the trading volume of Bitcoin Ordinals reached an all-time high on December 12th. OKX, a crypto exchange, played a major role in contributing to these record-breaking numbers.
Binance lists BRC-20 SATS
Binance recently announced its listing of BRC-20 SATS and opened trading for its spot trading pairs. The platform also disclosed plans to add 1000SATS as a new borrowable asset with the new margin pair on Isolated Margin. SATS is a meme coin that pays homage to Satoshi Nakamoto and represents the smallest unit of Bitcoin. Following the Binance announcement, SATS experienced a significant price surge of over 120% before retracing slightly.
Top holders accumulate significant amounts of SATS
The top 20 holders of SATS now hold 333.3 trillion tokens, valued at $150.8 million. These leading holders acquired their SATS through minting, accumulating approximately 78.57 million SATS worth $35.5 million.
Controversy surrounding Ordinals and potential vulnerabilities
While Ordinals have sparked innovation on Bitcoin, they have also faced backlash. BTC developer Luke Dashjr believes that Inscriptions exploit a weakness in Bitcoin Core, leading to spam on the blockchain. Bitcoin Core allows users to set a threshold for additional data size in transactions, but Inscriptions bypass this limit, posing a potential vulnerability.
Hot Take: Bitcoin Ordinals Market Sets New Record with Binance Listing
The Bitcoin Ordinals market has experienced a surge in trading activity, reaching record-breaking volumes. This can be attributed to Binance’s listing of BRC-20 SATS and the subsequent excitement among traders. While the market faces controversy and concerns over potential vulnerabilities, it continues to attract attention and generate significant trading volume. The inclusion of SATS as a new asset further adds to the momentum of the Ordinals market. It will be interesting to see how this market evolves and if any additional developments or challenges arise in the future.
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