Binance announced the new listing of Ordinals (ORDI), the protocol that has become popular for NFTs on the Bitcoin network, with three new trading pairs ORDI/BTC, ORDI/USDT and ORDI/TRY. The price of ORDI jumped over 50 percent in 24 hours.
Summary
Binance and the announcement of NFT’s Ordinals list on Bitcoin the cause of the ORDI price pump
The famous crypto exchange Binance announced the new list for Ordinals (ORDI), the protocol token made famous for NFTs on the Bitcoin network.
In the statement, Binance says it will offer the three trading pairs ORDI/BTC, ORDI/USDT and ORDI/TRY starting today. And indeed, the invitation to users is precisely to start depositing ORDI in preparation for trading.
Not only that, but the web’s most popular crypto exchange plans to add ORDI as a new borrowable asset with the new ORDI/USDT on Isolated Margin pair.
ORDI’s new listing also includes the Seed tag, the label Binance gives to innovative projects that may have higher volatility and risk than other listed tokens. Here is how Binance describes ORDI:
“ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, have done your own research in regards to ORDI’s fundamentals, and fully understand the project before opting to trade the token.”.
NFT’s Ordinals on Bitcoin conquers Binance and ORDI pumps +50% in 24 hours
Immediately after the announcement of Ordinals’ new listing on Binance, ORDI experienced a price pump of over 50%.
In fact, looking at the CoinMarketCap chart, ORDI hit a price of $11.64 today, while at the time of writing it is trading at $10.80.
This milestone, which continues to move every second, starts from a price of $7.5, which is still one of ORDI’s highest prices in the past month.
Looking at ORDI’s monthly price chart, the current price pump is actually +216%.
ORDI’s trading volume over the past 24 hours is also up +244%, while the market cap of the 230th crypto is now over $230 million.
Bitcoin Ordinals NFT Inscriptions: where do we stand?
At the time of writing, it is safe to say that the number of Bitcoin Ordinals NFT inscriptions has quadrupled in 6 months.
And indeed, looking at Dune’s data, the total number of inscriptions today is over 38 million, while 6 months ago, in May 2023, the total number of Bitcoin Ordinals NFT inscriptions was 9 million.
Analyses show that the official trend is one of growth, although between September and October the growth curve leveled off for a moment.
The protocol, which allows objects such as artwork, profile pictures, memes, apps and games to be ‘inscribed’ onto the bitcoin blockchain, is officially in its expansion phase.
In fact, MicroStrategy’s Michael Saylor has stated that Ordinals will act as a catalyst for the mass adoption of bitcoin (BTC).
2023: the year of ordinals
Ordinals protocol is a product called 2023, which was only launched on 21 January this year by software engineer Casey Rodarmor as a solution for creating NFTs on the bitcoin blockchain.
Then, in March, the BRC-20 standard, Bitcoin Request For Comment number 20, was made official, allowing new tokens to be minted on the BTC network.
Then, in May, BRC-20 tokens experienced incredible growth, thanks in part to new memecoins Pepe (PEPE) and Memetic (MEME). In just a few days, the market capitalisation of BRC-20 tokens rose from $95 million to $279 million.
Then, over the summer, Luminex, the Bitcoin Ordinals launch platform, unveiled the new BRC-69 standard, designed to simplify the creation of recursive Ordinals collections. This standard would reduce registration costs and simplify the on-chain pre-revelation process.
