Crypto Latest: Bitcoin Ordinals Trading Volume Soars
The crypto world has seen a surge in trading volume forBitcoin Ordinals, with the latest quarterly report from DappRadar showing that nonfungible token inscriptions on the Bitcoin (BTC) blockchain have resulted in over $210 million in trading volume. This figure has been independently verified by Cointelegraph.
The second quarter of 2023 saw a dramatic increase in the trading volume of Bitcoin Ordinals, rising from $7.18 million in the first quarter to a total of $210.7 million. This is a 2834% increase in trading value.
The report also noted that there were over 550,000 all-time trades of Bitcoin Ordinals in Q2, with around 150,000 unique traders contributing to the impressive trading volume.
Crypto Latest: Bitcoin Ordinals & NFTs
A Dune blockchain analytics dashboard reflecting a number of Bitcoin Ordinals marketplace metrics from user @domo also shows that unique users increased sharply from May 2023. UniSat, an open source Chrome browser extension for Bitcoin Ordinals & BRC-20 tokens, Magic Eden and Ordinals Wallet account for the majority of unique users by marketplace.
The rise in popularity of Bitcoin Ordinals has had an interesting effect on the NFT landscape. Near the end of May 2023, Bitcoin surpassed Solana to become the second-most popular NFT blockchain, leaving Ethereum alone in terms of facilitating NFT trading volumes.
Ordinals have also been a boon to the Bitcoin mining industry. BTC miners have netted around $184 million through the first half of 2023, with Coin Metrics highlighting Bitcoin Ordinals and BRC-20 tokens for their role in the boost to fees, which has already surpassed the 2022 total for BTC miners.
Ethereum co-founder Vitalik Buterin also credited Bitcoin Ordinals for reigniting a “builder culture” in the Bitcoin ecosystem in a Twitter Space broadcast on July 6.
The crypto latest news shows that Bitcoin Ordinals and NFTs are becoming increasingly popular. Voyager Crypto, Web 3.0 Blockchain, Luna Crypto and Open AI are at the forefront of the crypto coin revolution, with the latest AI technology being utilized to facilitate trading and mining activities.
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