Bitcoin Ordinals Transaction Volume Hits Record High
Bitcoin Ordinals transaction volume reached a new high on Tuesday, with approximately $14.7 million worth of Bitcoin-based assets changing hands. This surge in trading activity was reported by Dune’s dashboard, created by the on-chain data analyst Domo. Ordinals, launched earlier this year, allows the creation of NFT-like assets on the Bitcoin blockchain. This protocol enables the attachment of data to individual satoshis, whether it’s art, profile pictures, or text.
The majority of the trading volume occurred on OKX, accounting for 60% of daily Ordinals transactions. However, recent activity on Binance is not reflected in Domo’s dashboard. The price of ORDI has soared 124% over the past day to $13.21, following Binance’s decision to support it.
Charlie Spears from Luxor Technologies stated that Binance’s move to support ORDI had a significant impact on the Ordinals ecosystem. BRC-20 tokens were pioneered by Domo and are inspired by Ethereum’s ERC-20 standard.
Hot Take: NFT Market and Bitcoin Ordinals
The uptick in Ordinals transaction volume coincides with a resurgence in the NFT market. The recent surge in activity is reminiscent of May when Ordinals activity led to concerns about rising transaction fees. Despite this, influential NFT firms like Yuga Labs have leveraged Ordinals to mint art on Bitcoin, and Binance’s support continues to drive momentum for the broader Bitcoin NFT ecosystem.
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