Why The Sudden Surge in Trading Volume for Bitcoin Ordinals?
TL;DR
A week ago, Elon went on Joe Rogan's podcast where he discussed how most NFTs don't actually contain images, but instead, links to images which brought Ordinals back into the spotlight.
Then yesterday, Binance rolled out support for ORDI, the original BRC-20 token.
Will the transaction volume for Ordinals continue to stay this high? Probably not, but we are welcoming this news with open arms 🤗
Full Story
Speaking of things going up...
Over $15M USD worth of Bitcoin Ordinals traded hands yesterday.
(For those of you playing at home, that's the highest transaction volume since Ordinals were 'the hot new thing' in May).
Dope.
So why the sudden bump in trading volume?
Markets are funny things, and more often than not, they're unpredictable.
(If they were entirely predictable we'd all be bazillionaires).
But we have a feeling that the surge in trades has been a result of two main things:
A week ago, Elon went on Joe Rogan's podcast where he discussed how most NFTs don't actually contain images, but instead, links to images.
However, 'Ordinals' (aka Bitcoin NFTs) don't link out to images, they store the full image file on the Bitcoin blockchain - making it more permanent than most other options.
This brought them back into the spotlight.Then yesterday, Binance rolled out support for ORDI, the original BRC-20 token.
The token itself has risen by ~80% as of this writing - and it seems to have taken the Ordinals (i.e. BTC NFTs) market with it (or, at least there's been a heck of a lot of trades over the past 24hrs).
The funny thing is, 'ORDI' the token is actually not associated with 'Ordinals' the protocol - as the creator of ORDI posted on X after the listing.
Will the transaction volume for Ordinals continue to stay this high?
Probably not, but we are welcoming this news with open arms 🤗