Bitcoin Ordinals Rise In Rankings

On Nov 2, 2023

The non-fungible token market continues to post impressive relative performance in recent days, with Polygon-based NFTs and Bitcoin Ordinals making a strong comeback in the NFT market. Bitcoin Ordinals gained massive adoption earlier this year before losing their initial hype mid-this year.

Ordinal Sales Pump 64% In The Past 24 Hrs

Data compiled by CryptoSlam.io, an on-chain data aggregator, shows that non-fungible token hosted on the Bitcoin blockchain network has regained some market strength in recent days. In the past 24 hours, Bitcoin Ordinals have recorded a trading sales volume of $2.5 million, emerging as the second most traded NFT collection.

Earlier this year, Bitcoin Ordinals, the non-fungible token collection inscribed in the Bitcoin network using Ordinal theory, made an impressive foray into the NFTs market. A few weeks later, Bitcoin ordinal NFTs gained massive adoption among collectors and crypto investors.

When will Bitcoin flip Ethereum in sales?
— BitGod (@BitGod21) November 2, 2023

In April, Bitcoin ordinals gained a significant lead over popular NFTs like Polygon, Immutable X, BNB Chain, and Solana NFTs, becoming the second most traded NFT collection. The striking feature of Ordinals’ growth trajectory was that it came during the NFT crypto winter.

Unfortunately, following the extended NFT slump, Bitcoin Ordinals went down to nearly zero in June. But in recent days, Bitcoin Ordinals have regained their initial market strength and are now the second most traded NFT collection. In the past 24 hours, Bitcoin Ordinals are up 68% in sales.

Why Are Bitcoin Ordinals Pumping?

Earlier this week, Elon Musk, the billionaire investor and the owner of X (formerly Twitter), sat in an interview to discuss matters of NFTs. During the special sitting, Elon Musk slammed JEPGs- based NFTs, citing that it’s only their URL linked to the blockchain network.

Hey @elonmusk almost a year ago @rodarmor created the Ordinals protocols which is NFTs on Bitcoin and they are 100% immutable pic.twitter.com/vDi1nc44hl
— Bongo 🥁 (@bongobongonft) October 31, 2023

Elon Musk’s sentiments have created a short frenzy around Bitcoin Ordinals, which seemed in line with his recommendations. Bitcoin Ordinals introduces the innovative concept of inscribing data directly onto Satoshis, leveraging the unparalleled security and robustness of Bitcoin.

Bitcoin Ordinals are inscribed on Bitcoin using the Ordinals Protocol, becoming immutable. The Ordinal inscription protocol provides a permanent and unchangeable record, ensuring the longevity and authenticity of the inscribed content.