In a groundbreaking turn of events, the Bitcoin Ordinals market experienced an unprecedented surge, reaching a staggering $36 million in trading volume on Dec. 12, setting a new record. This surge was primarily attributed to the recent listing of BRC-20 SATS (Ordinals) on Binance, one of the world's leading cryptocurrency exchanges.
As reported by U.Today, the Bitcoin Ordinals market witnessed an overwhelming response following the official announcement by Binance regarding the listing of BRC-20 SATS (1000SATS). The spot trading pairs for 1000SATS were launched on Dec. 12, 2023, opening up trading opportunities with pairs such as 1000SATS/USDT, 1000SATS/FDUSD and 1000SATS/TRY.
Record on-chain activity
The trading frenzy that ensued saw the total trading volume skyrocket to an impressive $36 million, with the lion's share, 85%, taking place on the OKX exchange. Market observers noted that this surge marked an extraordinary level of interest and participation in the Bitcoin Ordinals market, indicating a growing appetite for these novel digital assets.
In addition to the overall trading volume, the on-chain transaction volume of SATS exceeded $21 million, further solidifying the overwhelming demand for these newly listed BRC-20 Ordinals. This spike in on-chain activity suggests that investors are not only actively trading but also engaging in significant movements of SATS on the blockchain.
Overall, the introduction of BRC-20 SATS on Binance has undoubtedly played a pivotal role in fueling the excitement around these digital assets. The availability of spot trading pairs has provided users with various options to engage with 1000SATS, allowing for seamless trading against major currencies like USDT, FDUSD and TRY.
As the market continues to evolve, enthusiasts and investors are left wondering whether now is the opportune moment to dive into the Bitcoin Ordinals space. The recent surge in trading activity and the record-breaking volumes may signal a shift in the cryptocurrency landscape, with Ordinals gaining prominence as a viable investment option. However, market participants are urged to approach with caution, considering the inherent volatility of cryptocurrency markets.