The Bitcoin Ordinals trading volume has surged to its highest level since May, with approximately $14.7 million worth of Bitcoin assets traded as of this writing, according to an anonymous on-chain data analyst Domo's Dune dashboard.
Introduced earlier this year, Ordinals enable the creation of NFT-like assets on the Bitcoin blockchain. The protocol allows users to inscribe data—whether artwork, profile pictures, or text—onto individual satoshis (1/100,000,000 of a Bitcoin).
Key Highlights:
- Exchange Dominance: OKX accounted for 60% of daily Ordinals trading volume (6,100 transactions), per Domo’s dashboard. The Seychelles-based exchange began supporting Ordinals trading in May.
- Binance’s ORDI Listing: Binance, the leading crypto exchange by volume, enabled trading for ORDI—the first BRC-20 token—on Tuesday. ORDI’s price soared 124% in 24 hours to $13.21, more than double its initial listing price of $5.91.
- Market Impact: ORDI’s trading volume reached $471 million across all exchanges (CoinGecko data), reigniting interest in Bitcoin’s NFT and token ecosystems.
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The Rise of BRC-20 Tokens
- Pioneered by Domo, BRC-20 tokens draw inspiration from Ethereum’s ERC-20 standard. ORDI was launched in March as an experiment.
- Casey Rodarmor, creator of Ordinals, clarified that ORDI is unrelated to the Ordinals project, correcting Binance’s mislabeling of the token’s official links.
NFT Market Parallels
Ordinals’ trading spike coincides with a resurgence in NFT activity:
- NFT trading volumes hit a 3-month high earlier this week.
- Yuga Labs (creator of Bored Ape Yacht Club) has leveraged Ordinals for Bitcoin-based art minting.
Bitcoin Network Metrics
- Transaction Fees: High-priority fees peaked at ~$26 in May but stabilized at ~$5 (98 sat/vB) this week (mempool.space).
- Miner Impact: Luxor Technologies’ Charlie Spears noted Binance’s ORDI listing "lifted all things Ordinals-related," including JPEGs and tokenized assets.
FAQs
Q: What are Bitcoin Ordinals?
A: Ordinals are NFT-like assets inscribed on individual satoshis, enabling art, text, or collectibles on Bitcoin’s blockchain.
Q: Why did ORDI’s price surge?
A: Binance’s listing amplified demand, with ORDI becoming the first BRC-20 token tradable on a top-tier exchange.
Q: How do BRC-20 tokens differ from NFTs?
A: BRC-20s are fungible tokens (like ERC-20), while Ordinals NFTs are unique digital assets.
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Keyword Tags: Bitcoin Ordinals, BRC-20, ORDI token, Binance listing, NFT trading, Bitcoin NFTs, Domo, Casey Rodarmor