Ordinals, a collection of BRC-20 tokens minted on the Bitcoin blockchain, surged 40.8% to $10.19 in the past 24 hours after being listed on cryptocurrency exchange Binance.
According to Binance’s announcement on November 7, users can now trading Ordinal (ORDI) against Tether (USDT), Bitcoin (BTC) and Turkish Lira. Binance claims that it does not charge developers any listing fees for ORDI tokens and that withdrawals will be open on November 8. As part of the initial incentive, the first 1,000 users to deposit at least 72 ORDI to the exchange will receive a 50 USDT trading reward voucher.
“ORDI is a relatively new token that carries higher than normal risk levels and therefore may be subject to higher price volatility.”
The Bitcoin ordinal is a numbering system that assigns a unique number to each Satoshi (i.e. 1/100 million of Bitcoins), enabling tracking and transfer. Combined with the inscription process that adds an additional layer of data to each satoshi, users can mint unique digital assets on the Bitcoin blockchain. The token ORDI currently listed on Binance is not affiliated with the developers of Bitcoin Ordinals.
Invented by Web3 developer Rodarmor in January, the BRC-20 token has soared in popularity as one of the biggest technological advancements in blockchain in 15 years. Self-service wallet providers such as BitKeep (now Bitget Wallet), BRC-20 token deposits and withdrawals have been enabled since June.The current total market capitalization of BRC-20 tokens stand $1.34 billion.
Related: Bitcoin Ordinals’ total minting fees increase 700% from April
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