Bitcoin-Based Assets Trading Surges on Ordinals Platform, Reaching Highest Volume Since May

The transaction volume for Bitcoin-based assets traded on the Ordinals platform has reached its highest level since May, signaling a resurgence of interest in the innovative protocol. According to on-chain data researcher Domo’s Dune dashboard, approximately $14.7 million in Bitcoin-based assets were traded recently. Ordinals, a protocol introduced earlier this year, has been a game-changer in the crypto space, enabling the development of NFT-like assets on the Bitcoin blockchain and allowing users to assign data to individual satoshis.

Prior to its listing on Binance, cryptocurrency exchange OKX played a significant role, accounting for 60% of daily Ordinals transactions and dominating the trading volume. Binance had added support for image-based Ordinals back in May, and this Tuesday marked a historic moment as consumers were able to trade ORDI, the first-ever BRC-20 token, on the platform.

The introduction of ORDI support on Binance had an immediate impact on its price, which surged by an impressive 87% over the past day, reaching $13.72 on Binance. The trading volume of ORDI across all exchanges soared, reaching an astonishing $588 million over the same period. This surge in interest can be attributed to Binance’s backing of ORDI, coupled with Bitcoin’s recent price climb, which has reignited curiosity around Ordinals and its associated tokens.

Ordinals developer Casey Rodarmor took to Twitter to acknowledge Binance’s support for ORDI. However, he made a crucial clarification, emphasizing that ORDI is not directly affiliated with the Ordinals project. This distinction highlights the growing complexity and diversity within the crypto space, as different tokens and projects continue to evolve and find their unique niches in the market.

As the crypto community eagerly watches these developments unfold, the surge in trading activity on the Ordinals platform underscores the dynamic nature of the digital asset landscape. With innovative protocols like Ordinals pushing the boundaries of what is possible in the blockchain space, the future of cryptocurrency trading appears more vibrant and exciting than ever before. Read Similar Story

Source: CoinMarketCap 

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