Transaction volume for Bitcoin-based assets traded on the Ordinals platform increased to its highest level since May.
Transaction volume for Bitcoin-based assets traded on the Ordinals platform increased to its highest level since May. According to the Dune dashboard of on-chain data researcher Domo, around $14.7 million in Bitcoin-based assets were traded. Ordinals, a protocol introduced earlier this year, enables the development of NFT-like assets on the Bitcoin blockchain, allowing users to assign data to individual satoshis.
Before the listing on Binance, cryptocurrency exchange OKX accounted for 60% of daily Ordinals transactions, accounting for the majority of trading volume. Binance originally added support for image-based Ordinals in May, and on Tuesday, consumers were able to trade ORDI, the first-ever BRC-20 token.
The price of ORDI experienced a significant increase, rising 87% over the past day to $13.72 on Binance. The trading volume of ORDI across all exchanges reached $588 million over the same period. The addition of ORDI support by Binance, along with Bitcoin's recent price climb, has revitalized interest in Ordinals and its associated tokens.
While Ordinals developer Casey Rodarmor acknowledged Binance's support for ORDI on Twitter, he emphasized that ORDI is not linked with the Ordinals project.
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