11:30 AM ▪
3
min reading ▪ acc
The recent resurgence of Ordinals on the Bitcoin network marks a turning point in the digital asset ecosystem. As the traditional NFT market struggles to regain its former momentum, Ordinals collections are performing remarkably well and defying current trends.
A spectacular bounce for the Ordinals
After months of being overshadowed by the Run craze, the Ordinals are making a strong comeback. Major collections on the Magic Eden platform are seeing significant gains, with some even doubling in value within weeks.
For example, NodeMonkes saw its minimum price rise to 0.2 BTC, or around $13,000, while other collections like Quantum Cats and Pizza Ninjas saw increases of 10% and 18%, respectively.
This renewed interest in Ordinals comes in a context where the Run protocol seemed to have taken over. On August 18th, Runes accounted for up to 70% of the trading volume on the Bitcoin chain, temporarily relegating Ordinals to the background.
However, the trend is reversing today, proving the durability and enduring appeal of Ordinals among investors and collectors.
A stark contrast to the NFT market
While Ordinals are experiencing significant growth, the main NFT collections on Ethereum and Solana are struggling to keep up. Giants like CryptoPunks and Bored Ape Yacht Club (BAYC) are showing only marginal gains or even declines in some popular collections.
On Solana, despite a slight increase, enthusiasm remains mild compared to the excitement seen on the Ordinals side.
Ordinals’ renewed success is part of a larger context of momentum around Bitcoin. Since their creation in early 2023 by Casey Rodarmore, these NFTs have disrupted the ecosystem and spawned a $759 million market, according to CoinGecko.
Investors seem to be increasingly attracted to the innovations that Bitcoin-based protocols bring.
The resurgence of Ordinals against the traditional NFT market highlights not only the vitality of the Bitcoin ecosystem, but also the rapid evolution of investor preferences in the digital asset space.
Maximize your Cointribune experience with our “Read and Earn” program! Earn points for every article you read and get access to exclusive rewards. Register now and start reaping the benefits.
I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.