According to Dune data provided by Domo, Bitcoin Ordinals trading volume rose to the highest level since May on Tuesday (November 7), with approximately $14.7 million worth of Bitcoin assets traded.
Ordinals, launched earlier this year, allows users to create, view and track additional information associated with each Satoshi – Equivalent to 1/100,000,000 of an entire Bitcoin – whether it’s artwork, profile photos or text.
Most of Tuesday’s trading volume occurred on the OKX exchange, which launched trading support for Ordinals in May, and accounted for 6,100 or 60% of daily Ordinals trading volume.
However, the Dune data provided by Domo does not reflect Binance’s recent activity. The cryptocurrency’s leading exchange by trading volume also initially launched support for image-based Ordinals in May, but on Thursday began allowing customers to trade its first BRC-20 token, ORDI.three, for example Bitcoin Magazine the report said.
At the time of writing, ORDI price rose 144% in the past 24 hours, reaching a high of $14.20 with trading volume reaching $471 million, before easing back slightly to current levels.
ORDI Price Chart | Source: Tradingivew
In addition to the recent renewed interest in Bitcoin as it surges to $35,000, Charlie Spears of Bitcoin mining company Luxor Technologies said Binance’s move to support ORDI “throws everything associated with Ordinals out the window.”, Whether it’s a fungible token or a JPEG.
“Binance alone dwarfs Ordinals’ total trading volume across all markets. You have Ordinals fungible tokens, and then you have Ordinals NFTs, JPEGs, and they tend to work in parallel.”
Pioneered by Domo, the BRC-20 token is inspired by Ethereum’s ERC-20 standard, which is used in many tokens such as Tether’s stablecoin USDT. Domo released the first BRC-20 token, ORDI, in March, initially as a test.
Ordinals creator Casey Rodarmor mentioned Binance’s support for ORDI, clarifying the token’s connection to the protocol. He said the exchange incorrectly referred to Domo’s tokens as “Ordinals” and incorrectly linked to ordinals.com as ORDI’s “official website.”
“ORDI is not involved with the Ordinals Project. I hope this issue is resolved soon. ORDI is not affiliated with the Ordinals Project, The Open Ordinals Institute, or The Ordicord. These links must be removed and the token must not be named “Ordinals”. The name of the token It’s “ORDI”.
I hope this issue is resolved soon. ORDI is not affiliated with the Ordinals Project, the Open Ordinals Institute, or The Ordicord.
These links should be removed and the token should not be named “Ordinals”. The name of the token is ORDI.
If anyone has any connections at Binance, they… https://t.co/vR9cneIPBk
— Casey (@rodarmor) November 7, 2023
The increase in Ordinals trading volume also comes at a time when the NFT market is showing signs of recovery. Although the industry took center stage on The Simpsons during Sunday night’s (November 5) NFT special, NFT trading volume hit a three-month high the next day.
Ordinals’ activity caused concern among some Bitcoin players in May, when transaction fees for high-priority transactions increased to at least 654 sat/vB, or about $26. On Tuesday, the rate for high-priority transactions reached 98 sat/vB, or about $5.
Influential NFT companies like Bored Ape Yacht Club’s Yuga Labs have leveraged Ordinals to create art on Bitcoin, with the protocol gaining momentum in the first half of the year due to enthusiasm for BRC-20. With Binance’s move, this continues to happen.
Spears said: “After the volatility in BRC-20 peaked in May and tapered off in August, we are losing momentum. When BRC-20 skyrockets due to tokens listed on Binance, it will have a negative impact on the broader market. Negative impact on the Bitcoin NFT ecosystem.”
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