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Bitcoin Ordinals see resurgence from Binance listing

Bitcoin Ordinals see resurgence from Binance listing

Ordinals, a BRC-20 token collection minted on the Bitcoin blockchain, has experienced a significant increase of 40.8% in the last 24 hours, reaching $10.19 after being listed on the crypto exchange Binance.

As per Binance’s announcement on Nov. 7, users are now able to trade Ordinals (ORDI) against Tether (USDT), Bitcoin (BTC), and the Turkish lira. Binance stated that no listing fees were charged to the developers of the ORDI token and that withdrawals will be available starting on Nov. 8. In an effort to provide initial incentives, the first 1,000 users who deposit at least 72 ORDI to the exchange will receive a 50 USDT trading rebate voucher.

“ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility.”

Bitcoin Ordinals is a system that assigns a unique number to each individual satoshi, or 1/100 million of a Bitcoin, allowing for tracking and transfer. The inscription process adds an additional layer of data to each satoshi, enabling the minting of unique digital assets on the Bitcoin blockchain. It is important to note that the current listed token on Binance, ORDI, is not associated with the developers of Bitcoin Ordinals.

Invented by Web3 developer Rodarmor in January, BRC-20 tokens have seen a surge in popularity as one of the most significant technological advancements in a 15-year-old blockchain. Self-custody wallet providers, such as BitKeep (now Bitget Wallet), have enabled BRC-20 token deposits and withdrawals since June. The total market cap of BRC-20 tokens currently stands at $1.34 billion.

Related: Bitcoin Ordinals’ total mintage fees increase 700% from April