The Bitcoin Ordinals have experienced a resurgence following their listing on the Binance exchange.
The ORDI token, which was created independently of the Bitcoin Ordinals project, has recorded a remarkable 41% surge in the last 24 hours.
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The Ordinals, a collection of BRC-20 tokens recorded a significant surge of 40.8% in the past 24 hours, reaching $10.19, following their listing on the Binance cryptocurrency exchange.
According to an announcement made by Binance on November 7, users are now able to trade Ordinals (ORDI) against Tether (USDT), Bitcoin (BTC), and the Turkish lira. Binance emphasized that it did not impose any listing fees on developers for the ORDI token, and withdrawals for this token will become available on November 8. As an initial incentive, the first 1,000 users who deposited a minimum of 72 ORDI on the exchange received a 50 USDT trading rebate voucher.
However, Binance also highlighted the risk associated with ORDI by stating, "ORDI is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility."
Bitcoin Ordinals is a unique numbering system that assigns a distinct number to each individual satoshi, which represents 1/100 millionth of a Bitcoin. This system enables tracking and transfer of these satoshis. With the inclusion of the inscription process, which adds an extra layer of data to each satoshi, users can mint unique digital assets on the Bitcoin blockchain. It's essential to note that the currently listed token on Binance, ORDI, is not connected to the developers of Bitcoin Ordinals.
The concept of BRC-20 tokens, originally created by Web3 developer Rodarmor in January, has gained significant popularity as one of the most significant technological advancements in the 15-year history of blockchain technology. Self-custody wallet providers, like BitKeep (now Bitget Wallet), have enabled deposits and withdrawals of BRC-20 tokens since June. Presently, the total market capitalization of BRC-20 tokens stands at $1.34 billion.
