Bitcoin Ordinals Skyrocket with Binance Listing ORDI Tokens
Bitcoin’s latest innovation, Ordinals, is witnessing a substantial spike in trading activity, reaching a six-month high. This surge aligns with the Binance exchange, embracing ORDI, the pioneering BRC-20 token, heightening the market’s enthusiasm.
BRC-20 Tokens Galvanize Bitcoin Trading Sphere
On Tuesday, Bitcoin Ordinal’s trade volume soared, marking the highest since May, with transactions amounting to approximately $14.7 million. Ordinals, reminiscent of NFTs, embed data onto individual satoshis, the smallest Bitcoin unit. This transformative capability stems from Bitcoin’s Taproot upgrade, expanding the blockchain’s utility beyond mere currency.
Moreover, Binance’s recent decision to list ORDI has infused fresh momentum into the market. Consequently, the ORDI token’s value has catapulted by 22% in a day, reaching $ 12.43 from its initial $5.91 on Binance’s platform. This uptick reflects the exchange’s influence and the broader ascent of Bitcoin’s price toward the $35,000 mark.
ORDI/USD 24-hour price chart (source: Binance)
Binance Catalyzes Ordinals and ORDI Token Frenzy
While OKX exchange initially led the Ordinals transaction volume, Binance’s support for ORDI has altered the landscape significantly. Charlie Spears from Luxor Technologies notes that Binance’s involvement has “sent everything flying” in the Ordinals space, spurring these assets’ tokenized and JPEG aspects.
This enthusiasm also arrives amid a general revival in the NFT market, which saw a three-month high in trading volume, showcasing a resilient interest in digital art and tokenized assets.
Optimizing Bitcoin’s Network Efficiency
Despite the excitement around Ordinals, some Bitcoin enthusiasts expressed concern earlier this year when transaction fees surged. However, the current rate for high-priority transactions has moderated to 98 sat/vB, indicating a more accessible market for these novel assets.
In light of these developments, influential firms like Yuga Labs have adopted Ordinals for minting Bitcoin-based art, and the ecosystem’s dynamism is maintaining its momentum thanks to platforms like Binance expanding their support.
Read Also: XRP, BTC, LTC Retains 100% Reserve in Binance’s Latest Report
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
