Bitcoin's regular trading volume rose to its highest level since May on Tuesday, with an estimated $14.7 million worth of bitcoin-based assets trading hands, as of press time, Dunn reported. Dashboard Created anonymously by chain data analyst Domo.
Launched earlier this year, Ordinals enables the creation of NFT-like assets on the Bitcoin blockchain. The protocol allows people to donate individual satoshis of data—equal to 1/100,000,000 of a whole bitcoin—whether it's art, profile pictures, or text.
On Tuesday, the lion's share of trading took place on the Domo dashboard on the OKX cryptocurrency exchange. Exchange based in Seychelles He rolled out It accounts for 6,100 or 60% of the transaction support for Ordinals and Daily Transactions of Ordinals in May, as of this writing.
However, the Domo dashboard does not reflect recent activity on Binance. The main exchange of Crypto by voice first He rolled out In May it also started allowing support for image-based ordinals, but clients. Business ORDI, the first ever BRC-20 token, on Tuesday.
At the time of writing, the price of the Bitcoin-based token has risen 124 percent to $13.21 in the past day, more than doubling its initial price of $5.91 on the Binance platform. website. Across all exchanges, $471 million ORDI traded hands the previous day, he said. CoinGecko.
In addition to the renewed interest in Bitcoin's recent rise About 35,000 dollarsCharlie Spears of Bitcoin mining company Luxor Technologies said. Decrypt Binance's move to support ORDI sent a “flying token or JPEG-like object” associated with Ordinals.
“Binance alone reduces the volume of ordinary trades across all marketplaces,” he said. “You have the conventional funnel token side, and then you have the NFT, JPEG ordinals side, and they tend to go together.”
Pioneered by the aforementioned Domo, BRC-20 tokens take inspiration from Ethereum's ERC-20 standard, which is used in many tokens like Tether's USDT stablecoin. Domo first introduced the BRC-20 token ORDI as A Experiment In March.
Domo did not immediately respond to a request for comment. Decrypt.
Turns creator Casey Rodermore took to Twitter to hint at Binance's ORDI support, clarifying the token's connection to the protocol. He he said. The exchange mistakenly called the domain token “Ordinals” and mistakenly linked to ordinals.com as ORDI's “official website”.
“ORDI is not connected to the Ordinals project,” said Rodermore. “I hope this will be fixed soon.”
An increase in trading volume in Ordinals comes as the NFT market shows signs of life. When the industry finds itself in the crosshairs of “The Simpsons”. Issued to NFTs On Sunday evening, NFT trading volume was a Three months high the next day.
In May, normal activity It caused concern Among some Bitcoiners, transaction fees go up to at least 654 sat/vB, or $26 USD, for high-priority transactions. On Tuesday, high-priority transactions ordered at 98 sat/vB, or around $5; mempool.space.
Influential NFT companies such as Bored Up Yacht Club maker Yuga Labs have adopted Ordinal for From the art of mint On Bitcoin, however, the protocol's momentum has strengthened with enthusiasm for the BRC-20s in the first half of this year. With Binance's move, the issue remains, Spears said.
“We have been losing momentum from the BRC-20 volatility, which peaked in May and eased into August,” he said. “When BRC-20s fly when one is listed on Binance, then it has a knock-on effect on the broader Bitcoin NFT ecosystem.”
Edited by Andrew Hayward.
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