Bitcoin Ordinals Volume Hits $50 Million, NFT NodeMonkes Price Rally
Highlights
- Magic Eden contributed to a strong surge in the trading volume for Bitcoin Ordinals.
- Bitcoin NFT NodeMonkes price surged 25% in the last 24 hours amid strong network activity.
Bitcoin ordinals are once again gaining the limelight with their trading volumes skyrocketing over the last weekend. On the other hand, the demand for Bitcoin-based NFTs has also skyrocketed in recent times.
Bitcoin Ordinals Trading Volume Hits $51.14 Million
The trading volume of the Bitcoin Ordinals trading market surged to $51.14 million on March 3. This figure marks the highest trading volume recorded since December 18 of the previous year. Notably, Magic Eden, a prominent trading platform, accounted for a substantial portion of this volume, with its trading volume reaching $39.29 million, representing 76.8% of the total.
Accompanying this surge in trading volume is a notable increase in the number of transactions and trading users on the Bitcoin Ordinals platform. These metrics have rebounded and risen to their highest levels since mid-to-late December of the previous year, indicating renewed activity and interest in the cryptocurrency market, as per data from Dune Analytics.
Introduced in January 2023, Bitcoin Ordinals offered users the capability to generate NFT-like assets. It allows users to embed files, such as images, into satoshis (sats), which represent the smallest unit of Bitcoin.
Bitcoin NFT NodeMonkes Surpasses $56,500 Mark
Bitcoin NFT NodeMonkes has experienced a remarkable surge in price over the past 24 hours, soaring by over 25% to reach 0.89 BTC, equivalent to $56,500. This surge in value has propelled the market capitalization of NodeMonkes to an impressive $565 million, surpassing prominent NFT projects like Pudgy Penguins and MAYC.
The surge in price has elevated Bitcoin NFT NodeMonkes to the third position in terms of market value among NFTs, trailing only behind CryptoPunks and BAYC (Board Ape Yacht Club). This achievement underscores the growing popularity and demand for NodeMonkes within the NFT community, as investors and collectors seek to capitalize on the burgeoning digital asset market.
NodeMonkes comprises a series of 10,000 distinct pixelated profile picture (PFP)-style Ordinals, released in December, asserting its position as the inaugural 10,000-strong collection on Bitcoin.
While other collections with 10,000 units had debuted earlier, the NodeMonkes team engraved their collection onto the blockchain in February 2023, a mere month after Ordinals’ launch.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
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.
Premium Partners
