bitcoin Ordinals, the network’s version of non-fungible tokens (NFTs), have seen a resurgence after months of slow activity. This has reignited interest in btc NFTs, and a bitcoin Ordinals token has also enjoyed massive success thanks to this restored faith.
bitcoin Ordinals Volume Crosses $10 Million
bitcoin Ordinals trading volume has risen to one of its highest levels since its inception this week. The market has mainly taken off on the OKX centralized exchange, but other decentralized platforms take a piece of the pie.
in a chart Shared by Ordinals Wallet on X (formerly Twitter), OKX appears to be the main driver of this resurgence, with Unisat in second place. But even more notable is the fact that the trading volume has once again crossed the $10 million level.
The last time bitcoin Ordinals volume exceeded $10 million was in May, at the beginning of the bitcoin nft hype. Then again in June, a brief surge brought volume back to $10 million before spiraling back down.
ORDI token sweeps Binance
Binance, the world’s largest crypto exchange, announced on Tuesday that it would list the Ordinals (ORDI) token for trading on its platform. Following this announcement, the token’s trading volume increased and the price was not far behind.
In the space of a day, ORDI price rose over 40% and trading volume continued to increase once Binance listed it. According to CoinMarketCap, ORDI’s daily trading volume increased by 480% in the last 24 hours to approximately $600 million.
In the same period, the price of ORDI exceeded $13.7, representing an increase of 27%. On the weekly chart, ORDI is outperforming the rest of the market after posting 150% gains.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Bitcoin-Ordinals-Volume-Surpasses-10-Million-ORDI-Tokens-Surge-–" alt="bitcoin Ordinals ORDI Price Chart from Tradingview.com” width=”2650″ height=”1758″/>
ORDI price rises to $12.8 | Source: ORDIUSDT on Tradingview.com
Are NFTs coming back?
Figures from nft markets over the past 30 days point to a possible resurgence of NFTs. For example, data from DappRadar nft/marketplaces?range=day” rel=”nofollow noopener” target=”_blank”>sample that Blur volumes exceeded $218 million in the last month. This is an increase of 62% compared to the previous month’s figures. OpenSea, the leading nft marketplace, saw a volume increase of 17.83% in the same period, reaching a trading volume of $69.51 million.
The surge in interest is even more prominent on smaller marketplaces like X2Y2 and OKX nft Marketplace. Both platforms saw their nft trading volumes increase by 113% and 125%, respectively. However, while recent figures point to a resurgence, volumes are still far from their 2022 peak.
Featured image from CoinMarketCap, chart from Tradingview.com
