Bitcoin Ordinals Volume Cross $10 Million
The Bitcoin Ordinals, the network’s equivalent of non-fungible tokens (NFTs), have seen a significant resurgence after months of slow activity. This resurgence has reignited interest in BTC NFTs, with the Bitcoin Ordinals token also experiencing massive success due to this restored faith.
The trading volume of Bitcoin Ordinals has soared to one of its highest levels this week since its inception. Market activity has mostly taken off on the centralized exchange OKX, with other decentralized platforms also getting a share of the action.
According to a chart shared by Ordinals Wallet on X (formerly Twitter), OKX appears to be the main driver of this resurgence, with Unisat coming in at second place. The trading volume has crossed the $10 million level once more, with the last time being in May at the start of the Bitcoin NFTs hype. There was another brief spike in June that sent the volume back to $10 million before spiraling back down.
ORDI Token Takes Binance By Storm
The world’s largest crypto exchange Binance announced that it would be listing the Ordinals (ORDI) token for trading on its platform. Following this announcement, the trading volume of the token surged, and the price was not too far behind.
Within a day, the ORDI price rose more than 40%, and the trading volume continued to spike once Binance listed it. According to CoinMarketCap, the daily trading volume for ORDI is up 480% in the last 24 hours, reaching approximately $600 million. The price of ORDI has crossed $13.7, representing a 27% increase. On the weekly chart, ORDI is outperforming the rest of the market after notching 150% gains.
Are NFTs Coming Back?
Data from NFT marketplaces in the last 30 days suggests a possible resurgence of NFTs. For example, volume on Blur crossed $218 million in the last month, a 62% increase from the previous month’s figures. OpenSea, the leading NFT marketplace, saw a 17.83% rise in volume in the same period, totaling $69.51 million in trading volume.
The rise in interest is also noticeable on smaller marketplaces such as X2Y2 and OKX NFT Marketplace. Both of these platforms saw their NFT trading volumes rise by 113% and 125%, respectively. However, while recent figures point to a resurgence, the volumes are still far from their 2022 peak.
In conclusion, Bitcoin Ordinals have experienced a significant resurgence in trading volume, especially on OKX, and the ORDI token has seen rapid growth after being listed on Binance. This resurgence in BTC NFTs has also coincided with a potential comeback for NFTs in general, with various marketplaces showing increased trading volumes in the last month.
