{"id":541768,"date":"2023-07-07T16:30:36","date_gmt":"2023-07-07T16:30:36","guid":{"rendered":"https:\/\/wncen.com\/?p=541768"},"modified":"2024-06-11T08:17:02","modified_gmt":"2024-06-11T08:17:02","slug":"surging-demand-for-bitcoin-ordinals-propels-to-210m","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/surging-demand-for-bitcoin-ordinals-propels-to-210m\/","title":{"rendered":"Surging Demand For Bitcoin Ordinals Propels Q2 Trading Volume To $210M"},"content":{"rendered":"

Bitcoin Ordinals’ unique non-fungible token (NFT) inscriptions<\/a> on the Bitcoin blockchain have recently registered over $210 million in trading volume in the first half of 2023 alone. This new wave of innovation, coupled with the volume recorded so far,<\/a> demonstrates the potential that lies within the intersection of blockchain technology and digital artistry.<\/span><\/p>\n

Bitcoin Ordinals’ Q2 Performance Defies Expectations<\/span><\/h2>\n

In a recent quarterly report<\/a> from DappRadar, a rise in trading volume was documented for Bitcoin in the second quarter of 2023. The data, characterized by notable fluctuations, attributes this heightened trading activity to an increased interest in Ordinals, suggesting a marked shift in trader preferences and investment strategies.<\/span><\/p>\n

Related Reading: Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90%<\/a><\/p>\n

Bitcoin Ordinals, once an emerging player in the crypto market, has now gained significant traction, establishing itself as a potential innovator in the industry.<\/span><\/p>\n

The trading volume of Ordinals has demonstrated a growth trajectory, as detailed in DappRadar’s report. The trading volume for Ordinals started the year modestly, registering a mere $7.18 million in the first quarter. However, as the innovation gained increased visibility and trader confidence, there was an upturn in trading activity.<\/span><\/p>\n

The second quarter of 2023 saw Bitcoin Ordinals’ trading volume skyrocket to $210.7 million, a figure that represents a 2,834% increase from the preceding quarter. This upswing in trading activity underscores its growth in the digital asset market and indicates the potential for continued extension in the quarters to come.<\/span><\/p>\n

It is worth noting that Bitcoin Ordinals’<\/a> performance is not a passing trend; instead, it signals a shift in how investors and enthusiasts approach NFTs in the digital assets space. <\/span><\/p>\n

The rising acceptance and trading volume of Bitcoin Ordinals reveals a positive trajectory, which has successfully harnessed the power of non-fungible tokens.<\/span><\/p>\n

Furthermore, Bitcoin Ordinals’ journey from a relatively obscure blockchain project to a formidable player in the NFT space reflects the nature of the digital asset landscape. Its growth narrative, as underscored by its Q2 performance, sets the stage for more innovation and market expansion in the world of nonfungible tokens.<\/span><\/p>\n

User Engagement And Marketplaces Fuel Growth<\/span><\/h2>\n

DappRadar’s report also highlighted Bitcoin Ordinals trades in Q2 – over 550,000 – driven by more than 151,000 unique traders. This surge in trading activity attests to its rapidly growing appeal within the crypto community in 2023.<\/span><\/p>\n

\"Bitcoin
Bitcoin Ordinals marketplace data. | Source: Dune Analytics<\/a><\/figcaption><\/figure>\n

Data from a blockchain analytics dashboard<\/a> on Dune, maintained by @domo, affirm these observations, highlighting a significant rise in individual users beginning in May 2023.<\/span><\/p>\n

Related Reading: Dormant Bitcoin Supply Peaks As Institutional Investors Show Increased Involvement<\/a><\/p>\n

This expansion is mirrored across several trading platforms, where UniSat – an open-source Chrome extension supporting Bitcoin Ordinals & BRC-20 tokens – along with Magic Eden and Ordinals Wallet, commands a substantial share of distinct users.<\/span><\/p>\n

\"Bitcoin
Bitcoin Ordinals unique users on the marketplace. | Source Dune Analytics<\/a><\/figcaption><\/figure>\n

Meanwhile, over the past week, BTC<\/a> has been in a downward trend dropping by 2.5%. However, in the past 24 hours, the asset appears to be picking up with an increase of nearly 1%. At the time of writing, BTC trades at a price of $30,320<\/a>, after trading above the $31,000 mark a few days ago.<\/p>\n

\"Bitcoin
Bitcoin (BTC)\u2019s price is moving sideways on the 4-hour chart. Source: BTC\/USD on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Ordinals’ unique non-fungible token (NFT) inscriptions on the Bitcoin blockchain have recently registered over $210 million in trading volume in the first half of 2023 alone. This new wave of innovation, coupled with the volume recorded so far, demonstrates the potential that lies within the intersection of blockchain technology and digital artistry. Bitcoin Ordinals’ Q2 Performance Defies Expectations In a recent quarterly report from DappRadar, a rise in trading volume was documented for Bitcoin in the second quarter of 2023. The data, characterized by notable fluctuations, attributes this heightened trading activity to an increased interest in Ordinals, suggesting a marked shift in trader preferences and investment strategies. Related Reading: Bitcoin Ordinals: This New BRC Standard Could Reduce Inscription Fees By 90% Bitcoin Ordinals, once an emerging player in the crypto market, has now gained significant traction, establishing itself as a potential innovator in the industry. The trading volume of Ordinals has demonstrated a growth trajectory, as detailed in DappRadar’s report. The trading volume for Ordinals started the year modestly, registering a mere $7.18 million in the first quarter. However, as the innovation gained increased visibility and trader confidence, there was an upturn in trading activity. The second quarter of 2023 saw Bitcoin Ordinals’ trading volume skyrocket to $210.7 million, a figure that represents a 2,834% increase from the preceding quarter. This upswing in trading activity underscores its growth in the digital asset market and indicates the potential for continued extension in the quarters to come. It is worth noting that Bitcoin Ordinals’ performance is not a passing trend; instead, it signals a shift in how investors and enthusiasts approach NFTs in the digital assets space. The rising acceptance and trading volume of Bitcoin Ordinals reveals a positive trajectory, which has successfully harnessed the power of non-fungible tokens. Furthermore, Bitcoin Ordinals’ journey from a relatively obscure blockchain project to a formidable player in the NFT space reflects the nature of the digital asset landscape. Its growth narrative, as underscored by its Q2 performance, sets the stage for more innovation and market expansion in the world of nonfungible tokens. User Engagement And Marketplaces Fuel Growth DappRadar’s report also highlighted Bitcoin Ordinals trades in Q2 – over 550,000 – driven by more than 151,000 unique traders. This surge in trading activity attests to its rapidly growing appeal within the crypto community in 2023. Data from a blockchain analytics dashboard on Dune, maintained by @domo, affirm these observations, highlighting a significant rise in individual users beginning in May 2023. Related Reading: Dormant Bitcoin Supply Peaks As Institutional Investors Show Increased Involvement This expansion is mirrored across several trading platforms, where UniSat – an open-source Chrome extension supporting Bitcoin Ordinals & BRC-20 tokens – along with Magic Eden and Ordinals Wallet, commands a substantial share of distinct users. Meanwhile, over the past week, BTC has been in a downward trend dropping by 2.5%. However, in the past 24 hours, the asset appears to be picking up with an increase of nearly 1%. At the time of writing, BTC trades at a price of $30,320, after trading above the $31,000 mark a few days ago. Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":541769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,82423,87919],"class_list":["post-541768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-nfts","tag-ordinals"],"acf":[],"yoast_head":"\nDemand For Bitcoin Ordinals Propels Q2 Trading Volume To $210M<\/title>\n<meta name=\"description\" content=\"Bitcoin Ordinals' unique non-fungible token (NFT) inscriptions on the Bitcoin blockchain have recently registered over $210 million in trading volume in the first half of 2023 alone.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Surging Demand For Bitcoin Ordinals Propels Q2 Trading Volume To $210M","url":"http:\/\/wncen.com\/news\/surging-demand-for-bitcoin-ordinals-propels-to-210m\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/surging-demand-for-bitcoin-ordinals-propels-to-210m\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1305092068-750x536-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1305092068-750x536-1.jpg?fit=750%2C536"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","nfts","ordinals"],"dateCreated":"2023-07-07T16:30:36Z","datePublished":"2023-07-07T16:30:36Z","dateModified":"2024-06-11T08:17:02Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Surging Demand For Bitcoin Ordinals Propels Q2 Trading Volume To $210M\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/surging-demand-for-bitcoin-ordinals-propels-to-210m\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/surging-demand-for-bitcoin-ordinals-propels-to-210m\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1305092068-750x536-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/iStock-1305092068-750x536-1.jpg?fit=750%2C536\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"nfts\",\"ordinals\"],\"dateCreated\":\"2023-07-07T16:30:36Z\",\"datePublished\":\"2023-07-07T16:30:36Z\",\"dateModified\":\"2024-06-11T08:17:02Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/iStock-1305092068-750x536-1.jpg?fit=750%2C536","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541768"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=541768"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/541768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/541769"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=541768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=541768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=541768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}