The market for Bitcoin’s unique ordinal inscriptions is heating up again after a relatively quiet summer. Recent high-dollar sales, surging trading volumes, and new exchange listings signal a resurgence for these distinctive digital collectibles.
Keypoints
- Bitcoin inscription number 76 recently sold for 1.7 BTC (~$60,000) through Rare BTC, showing continued interest and value in Bitcoin’s “ordinal” inscriptions. This follows their previous sale of inscription 20 for 3 BTC.
- Bitcoin ordinal trading volume has risen to over $10 million again across exchanges like OKX and Unisat. This level was last seen in May/June during the initial NFT craze.
- The ORDI token associated with Bitcoin ordinals surged 40% in price and saw a 480% spike in trading volume after being listed on Binance. It reached a price over $13 with $600 million in daily volume.
- There are signs of a possible NFT market resurgence, with trading volumes on marketplaces like OpenSea, Blur, X2Y2, and OKX up double-digits percent over the past month. However, volumes remain far below their peaks earlier in 2022.
- Bitcoin Magazine pioneered ordinal inscriptions, selling their first engraved magazine cover for 1.25 BTC. They remain involved in the market through Rare BTC’s brokerage services.
Bitcoin inscription number 76 recently sold for 1.7 BTC (approximately $60,000) through Rare BTC, a division of BTC Inc. focused on rare satoshis and ordinals. This follows their previous record sale of inscription 20 for 3 BTC. These deals highlight the continued demand among collectors for low mint ordinals amidst the broader NFT craze.
NEW: #Bitcoin Inscription Number 76 Sells for 1.7 BTC ($60,000) in Latest Sub-100 Ordinals Sale.
A sale by @Rare_BTC pic.twitter.com/3xlIi1ERWz
— Rare BTC by Bitcoin Magazine (@Rare_BTC) November 8, 2023
Overall trading activity for Bitcoin ordinals has also spiked, crossing $10 million in daily volume across exchanges like OKX and Unisat. Volumes are reaching levels not seen since the initial NFT boom in May and June.
Driving momentum is the newly listed ORDI token associated with Bitcoin ordinals, which quickly became a top performer after its launch on Binance.
Within one day, ORDI prices surged over 40% to $13 with nearly $600 million in trading volume. The rapid gain outshined most other cryptos and mirrored the frenzy seen around breakout NFT projects earlier this year.
Though still below their 2022 highs, there are encouraging signs of a potential NFT market recovery based on rising volumes at OpenSea, Blur, X2Y2, and other platforms. While speculative interest has cooled since a white-hot 2021, collectibles and branded NFTs continue attracting engaged communities and high-dollar sales.
Bitcoin Magazine helped pioneer ordinal inscriptions, auctioning their first engraved magazine cover for 1.25 BTC. They remain active in the space through Rare BTC’s brokerage services, connecting buyers and sellers of prime ordinals.
With promising market metrics and big sales generating buzz, the original crypto collectibles carved into Bitcoin’s blockchain appear to be making a comeback. As both crypto and NFTs gain mainstream traction, these provably scarce digital artifacts are poised for renewed popularity and growth.
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