Bitcoin Ordinals Trading Volume Hits $50 Million

Bitcoin Ordinals experienced a surge in trading volumes, hitting a record high of $51.14 million on March 3rd.

Bitcoin ordinals are once again garnering attention as a result of the meteoric rise in trading volumes that they experienced throughout the past weekend. The demand for non-fungible tokens (NFTs) that are based on Bitcoin, on the other hand, has also soared in recent times.

Bitcoin Ordinals Trading Volume Hits $51.14 Million

On March 3, the volume of transactions on the Bitcoin Ordinals trading market reached a record high of $51.14 million.

Since the 18th of December last year, this statistic has represented the highest trading volume ever recorded. Notably, Magic Eden, a famous trading platform, was responsible for a sizeable chunk of this volume.

The trading volume on Magic Eden reached $39.29 million, equivalent to 76.8% of the overall volume. The number of transactions and trading users on the Bitcoin Ordinals platform has grown significantly, along with the explosion in trading volume.

According to data provided by Dune Analytics, these metrics have recovered and reached their highest levels since mid-to late December of the previous year.

This indicates that activity and interest have been resurgent in the cryptocurrency market. Bitcoin Ordinals first introduced users to the capacity to construct assets similar to NFTs in January 2023.

Users can embed files, such as photographs into satoshis, the smallest unit of Bitcoin. One example of this is the ability to embed images.

Over the last 24 hours, the price of NodeMonkes has undergone a tremendous increase, climbing by more than 25 percent to reach 0.89 BTC, which is equivalent to $56,500.

As a result of this significant increase in value, NodeMonkes’ market capitalization has reached an astounding $565 million, surpassing that of notable NFT projects such as Pudgy Penguins and MAYC.

As a result of the substantial price increase, Bitcoin NFT NodeMonkes has risen to third place in terms of market value among NFTs. It is now only behind CryptoPunks and BAYC (Board Ape Yacht Club) in terms of market value.

This accomplishment highlights the growing popularity and demand for NodeMonkes among the NFT community. This is because investors and collectors want to capitalize on the rapidly expanding digital asset market.

NodeMonkes, a collection of 10,000 unique Ordinals on Bitcoin, was launched in December. These Ordinals are designed in a pixelated profile picture (PFP) style, emphasizing their status as the first collection of 10,000 Ordinals on Bitcoin.

The NodeMonkes team inscribed its collection onto the blockchain in February 2023, just one month after the launch of Ordinals. This was in contrast to other collections that had launched earlier and had 10,000 units.