- ORDI token price more than doubled after being listed on Binance, driving a surge in Bitcoin ordinal trading volume
- NFT market shows signs of recovery with trading volume hitting 3-month high and anticipated NBA Top Shot debut
- Bitcoin network fees climbing again with recent Binance listing of ORDI, reminiscent of May’s BRC-20 token rush
The market for Bitcoin-based ordinal tokens saw a spike in trading volume on Tuesday after Binance added support for ORDI, the first BRC-20 token. ORDI’s price has more than doubled since being listed on Binance’s platform. The uptick in trading activity comes as the broader NFT market shows some signs of recovery.
ORDI Price Jumps Over 100%
The ORDI token price jumped over 124% in the past day to $1.321, more than doubling its initial price of $0.591 on Binance’s platform. Across all exchanges, $4.71 million worth of ORDI has been traded over the past day according to CoinGecko.
Binance Trading Volume Outpaces Other Exchanges
As of this writing, the Seychelles-based exchange OKX accounted for 61% of daily Ordinals transaction volume. However, Binance likely dwarfs OKX’s volume since it began supporting ORDI this week. According to Charlie Spears of Luxor Technologies, “You have the fungible token side of Ordinals and then you have the NFT JPEG side of Ordinals, and they tend to go in tandem.”
Recent NFT Market Recovery
The surge in Ordinals activity comes as the NFT market shows some positive momentum. On Monday, NFT trading volume hit a three-month high, partly thanks to a high-value CryptoPunks sale. Additionally, NBA rookie Victor Wembanyama is set to debut in NBA Top Shot this week.
Confusion Between ORDI and the Ordinals Protocol
ORDI creator Casey Rodarmor clarified on Twitter that the token is not officially associated with the Ordinals protocol, despite Binance linking to the ordinalscom website. Rodarmor said he hopes Binance fixes these erroneous connections soon.
High Bitcoin Fees Return
In May, a rush of activity for BRC-20 tokens caused Bitcoin transaction fees to spike. Fees are climbing again, with high-priority transactions costing around $5 on Tuesday according to mempool.space. While influential NFT firms have used Ordinals to mint art on Bitcoin, the recent Binance listing of ORDI may continue to impact Bitcoin network activity.
Conclusion
The revival of both the NFT market and interest in Bitcoin-based tokens has driven increased demand for ordinals. Binance’s support of the ORDI token has caused its price to skyrocket, although some confusion remains around its relationship to the Ordinals protocol. The fresh wave of activity serves as a reminder of how Bitcoin network fees can fluctuate depending on the latest crypto trends.
