Bitcoin Ordinals see resurgence from Binance listing

Ordinals, a BRC-20 token collection minted on the Bitcoin blockchain, have surged by 40.8% in the past 24 hours to $10.19 after listing on crypto exchange Binance.

According to Binance’s Nov. 7 announcement, users can now trade Ordinals (ORDI) against Tether (USDT), Bitcoin (BTC), and the Turkish lira. Binance claims that it did not charge developers any listing fees for the ORDI token and that withdrawals will open on Nov. 8. As part of initial incentives, the first 1,000 users who deposit at least 72 ORDI to the exchange received a 50 USDT trading rebate voucher. 

“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 numbering system that assigns a unique number to each individual satoshi, or 1/100 million of a Bitcoin, enabling tracking and transfer. Combined with the inscription process, which adds an additional layer of data to each satoshi, this allows users to mint unique digital assets on the Bitcoin blockchain. The current token listed on Binance, ORDI, is not associated with developers of Bitcoin Ordinals.

Invented by Web3 developer Rodarmor in January, BRC-20 tokens have surged in popularity as one of the largest technological advancements in a 15-year-old blockchain. Self-custody wallet providers, such as BitKeep (now Bitget Wallet), have enabled BRC-20 token deposits and withdrawals since June. The total market cap of BRC-20 tokens currently stands at $1.34 billion. 

Related: Bitcoin Ordinals’ total mintage fees increase 700% from April