Crypto News– The Ordinals Crypto has experienced a remarkable surge, boasting an impressive 100% increase in value within the short span of a week, and an astounding surge of nearly 700% over the last 30 days, based on the latest data from CoinMarketCap.
Functioning as the flagship ordinal coin within the Ordinals ecosystem, ORDI plays a pivotal role in the Bitcoin protocol by assigning unique data to individual satoshis (SATs), the smallest denomination of Bitcoin. Initially gaining traction during Bitcoin’s exploration of the NFT space earlier this year, the fervor surrounding Bitcoin Ordinals subsided as market dynamics underwent a shift.
However, in a surprising turn of events, ORDI has recently demonstrated a notable upswing, reaching an all-time high at $22.82 on November 15. Despite a slight correction, it has found robust support around the $20 mark. The substantial momentum and meteoric rise of ORDI have undeniably captured the attention of the cryptocurrency community. Nevertheless, the coin’s inherent volatility has prompted Binance to issue a cautionary advisory, urging users to exercise prudence and diligence before engaging with ORDI.
Ordinals Crypto Witness Soaring Demand, Catapulting Bitcoin-Linked Token to a Remarkable 100% Surge Within a Week
The Ordinals protocol, introduced after the BRC-20 token standard, has significantly contributed to the cryptocurrency landscape by enabling the issuance of transferable tokens directly on the Bitcoin network. This development has catalyzed the rapid proliferation of NFTs, primarily in the domain of digital artwork, and meme tokens, all within the secure framework of the Bitcoin blockchain.
Moreover, the broader cryptocurrency market has witnessed exaggerated double and triple-digit gains for many Bitcoin beta tokens over the past seven days. It is crucial to note, however, that a substantial portion of these tokens falls into the category of low-market cap memecoins or experimental projects, exposing them to heightened volatility. In stark contrast, Ordinals tokens, particularly the stalwart ORDI, stand out as more resilient entities within the BRC-20 token landscape, boasting a commendable market cap nearing the $500 million threshold.
Surging Interest in Ordinals Coin Triggers a Sharp Increase in Bitcoin Transaction Fees
Transaction fees within the Bitcoin network have recently skyrocketed to a six-month peak, experiencing an astonishing surge of over 2,000% since hitting a low of $0.64 in August. The current average transaction fee has reached a noteworthy $15.86 per transaction. This substantial increase is directly linked to the resurgence of interest in Ordinals Inscriptions, a phenomenon reminiscent of the Non-Fungible Token (NFT) trend.
The renewed fascination with Ordinals Inscriptions, akin to NFTs, has led to a surge in transactions within the Bitcoin network, causing a corresponding spike in fees. Users engaging with Ordinals and the unique data assignments to individual satoshis are contributing to the heightened transaction activity, consequently impacting fees across the network.
In a Remarkable 10-Day Span, Bitcoin Ordinals Catapult Miners’ Earnings to 30 Million Dollars
Bitcoin Ordinals Inscriptions, functioning in a manner reminiscent of Non-Fungible Tokens (NFTs), have experienced a noteworthy resurgence, exerting an impact on transaction fees within the Bitcoin blockchain. Delving into the historical context of Ordinals unveils their previous influence on heightened network activity and substantial interest. Notably, the recent surge in transaction fees coincides with the listing of Ordinals (ORDI) on Binance, a significant development considering Binance commands over 50% of the cryptocurrency market’s trading volume.
As of November 9, transaction fees reached a peak at $15.86, according to data reported by Bitinfocharts. TheMinerMag’s data underscores this surge, revealing that miners amassed earnings of $30 million in a mere ten days. This constitutes a remarkable 9% of their monthly rewards, marking the highest percentage since May. The correlation between the resurgence of Bitcoin Ordinals and the subsequent spike in transaction fees underscores the profound impact of unique blockchain functionalities on the cryptocurrency landscape, further accentuated by key market developments such as exchange listings.