Bitcoin Ordinals, the network’s version of non-fungible tokens (NFTs) have seen a resurgence after months of slow activity. This has raised interest in the BTC NFTs once more, with a Bitcoin Ordinals token also enjoying massive success from this restored faith.
Bitcoin Ordinals Volume Cross $10 Million
The Bitcoin Ordinals trading volume has risen to one of its highest levels since inception this week. The market has been taking off mostly on the centralized exchange OKX but with other decentralized platforms taking a share of the cake.
In a chart shared by Ordinals Wallet on X (formerly Twitter), OKX looks to be the main driver of this resurgence with Unisat coming in at second place. But even more notable is the fact that the trading volume has crossed the $10 million level once more.
The last time that Bitcoin Ordinals volume crossed $10 million was in May at the start of the Bitcoin NFTs hype. Then again in June, a brief spike sent the volume back to $10 million before spirally back down.
ORDI Token Takes Binance By Storm
The world’s largest crypto exchange Binance announced on Tuesday that it would be listing the Ordinals (ORDI) token for trading on its platform. Following this announcement, the trading volume of the token surged and the price was not too far behind.
Within the space of a day, the ORDI price rose more than 40%, and trading volume continued to spike once Binance listed it. According to CoinMarketCap, the daily trading volume for ORDI is up 480% in the last 24 hours to reach approximately $600 million.
ORDI price rises to $12.8 | Source: ORDIUSDT on Tradingview.com
Are NFTs Coming Back?
Numbers from NFT marketplaces in the last 30 days point to a possible resurgence of NFTs. For example, data from DappRadar shows that volumes on Blur crossed $218 million in the last month. This is a 62% increase from the previous month’s figures. OpenSea, the leading NFT marketplace, saw a 17.83% rise in volume in the same time period, coming out to $69.51 million in trading volume.
The rise in interest is even more prominent on smaller marketplaces such as X2Y2 and OKX NFT Marketplace. Both of these platforms saw their NFT trading volumes rise 113% and 125%, respectively. However, while recent figures point to a resurgence, the volumes are still far from their 2022 peak.
Featured image from CoinMarketCap, chart from Tradingview.com