Categories: Bitcoin

Bitcoin Ordinals Volume Soars To New Highs In The Last 24 Hours

Key Points:

Bitcoin Ordinals volume reached its highest levels since May, with approximately $526.5 million worth of assets traded.
Tokens based on the Bitcoin blockchain are gaining prominence, signaling a shift in focus from the recent Bitcoin price frenzy driven by ETF expectations.
The majority of Thursday’s trading volume occurred on OKX, which introduced trading support for Ordinals in May.

In the last 24 hours, Bitcoin Ordinals volume has experienced a significant surge, reaching its highest levels since May.

Daily Bitcoin Ordinals volume. Source: Dune

Bitcoin Ordinals Volume Surge to 5-Month Highs

According to data from a Dune dashboard created by the pseudonymous on-chain analyst Domo, approximately $526.5 million of Bitcoin Ordinals volume have been traded.

Tokens based on the Bitcoin blockchain are gaining attention, shifting focus from the recent Bitcoin price frenzy driven by ETF expectations. Notably, Ordinals (ORDI) and Celestia (TIA) have emerged as leaders in this trend, showcasing impressive gains and highlighting the dynamic nature of digital assets.

Ordinals, launched earlier this year, facilitates the creation of NFT-like assets on the Bitcoin blockchain. Users can assign data to individual satoshis, allowing for a wide range of content such as art, profile pictures, or text.

OKX Dominates The Trading Landscape

The majority of Thursday’s trading volume occurred on the cryptocurrency exchange OKX, as reported by Domo’s dashboard. OKX, based in Seychelles, introduced trading support for Ordinals in May and currently accounts for 10,500 daily Ordinals transactions.

It’s noteworthy that recent activity on Binance, the leading cryptocurrency exchange by volume, is not reflected in Domo’s dashboard. Although Binance initially introduced support for image-based Ordinals in May, it only started allowing customers to trade ORDI, the first-ever BRC-20 token, on Tuesday.

Despite these developments, Bitcoin continues to trade above the $36,000 mark at the moment, maintaining its position in the market.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.