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.
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 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.
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