Bitcoin Ordinals Fuel $210 Million Trading Volume Surge

According to the most recent quarterly report from DappRadar, the creation of Bitcoin Ordinals inscriptions on the blockchain has led to a trading volume of over $210 million.

The data, which has been independently validated, indicates that the surging popularity of Bitcoin Ordinals resulted in a significant increase in trading volume through the second quarter of 2023.

By the end of June, Bitcoin Ordinals trading volume had increased from $7.18 million in the first quarter to $210.7 million. DappRadar estimates the quarterly growth at 2834 percent.

In addition, the report notes that total Ordinals trades exceeded 550 thousand in the second quarter, with approximately 150,000 unique traders contributing to the inflated trading volume by the middle of 2023.

A dashboard for Dune blockchain analytics that reflects several Bitcoin Ordinals marketplace metrics from the user domo also reveals that the number of unique users has increased dramatically since May 2023.

UniSat, an open-source Chrome extension for Bitcoin Ordinals and BRC-20 tokens, Magic Eden, and Ordinals Wallet have the most significant number of unique users in the marketplace.

The prevalence of Bitcoin Ordinals has had an intriguing effect on the landscape of nonfungible tokens (NFTs).

Near the end of May 2023, Bitcoin overtook Solana to become the second-most popular NFT blockchain, placing the leading cryptocurrency blockchain only behind Ethereum regarding NFT trading volumes.

Additionally, ordinals have benefited the Bitcoin mining industry.

Through the first half of 2023, BTC miners have earned approximately $184 million, with Coin Metrics highlighting Ordinals and BRC-20 tokens for their role in the increase in fees, which has already surpassed the total for BTC miners in 2022.

In a July 6 Twitter Space, Ethereum co-founder Vitalik Buterin credited Bitcoin Ordinals with reigniting a “builder culture” in the Bitcoin ecosystem.