Bitcoin Ordinal Volume Reaches $50 Million, NFT NodeMonkes Price Rise
Bitcoin ordinals are once again in the spotlight, with trading volumes soaring this past weekend. On the other hand, the demand for Bitcoin-based NFTs has also increased rapidly recently.
Bitcoin Ordinal Transaction Volume Reached 51.14 Million Dollars
Trading volume of the Bitcoin Ordinals trading market rose to $51.14 million on March 3. This figure indicates the highest transaction volume recorded since December 18 of the previous year. magic Eden, a leading trading platform, accounted for a significant portion of this volume, with trading volume reaching $39.29 million, representing 76.8% of the total.
This increase in trading volume is accompanied by a notable increase in the number of transactions and trading users on the Bitcoin Ordinals platform. These metrics rebounded and rose to their highest levels in mid-to-late December of the previous year; This indicates renewed activity and interest in the cryptocurrency market, according to Dune Analytics data.
Introduced in January 2023, Bitcoin Ordinals offered users the ability to create NFT-like assets. It allows users to embed files, such as images, into satoshis, which represent the smallest unit of Bitcoin.
Bitcoin NFT NodeMonkes Exceeds $56,500
Bitcoin NFT NodeMonkes has experienced a significant increase in price over the last 24 hours, rising over 25% to 0.89 BTC equivalent to $56,500. This increase in value increased NodeMonkes’ market cap to an impressive $565 million, surpassing leading NFT projects such as Pudgy Penguins and MAYC.
The increase in price has propelled Bitcoin NFT NodeMonkes into third place in terms of market cap among NFTs, just behind CryptoPunks and BAYC (Board Ape Yacht Club). This success underscores the growing popularity and demand for NodeMonkes within the NFT community, where investors and collectors seek to capitalize on the booming digital asset market.
NodeMonkes consists of a set of 10,000 distinct pixelated profile picture (PFP)-style sequence numbers, launched in December, establishing its position as the top 10,000 strong collection in Bitcoin.
While other collections of 10,000 units were released earlier, the NodeMonkes team etched their collection on the blockchain in February 2023, just a month after the launch of Ordinals.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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