With the return of the controversial Ordinals inscription, the cross-chain market has become a favorite among traders.
As the price of Bitcoin soars, NFT-like Ordinals inscriptions are quietly returning, with the main Ordinals market having surpassed $19.7 million in trading volume on Monday, according to CryptoSlam. More than $14 million in transactions have been made today, according to the data.
Since the beginning of the month, there has been a significant increase in transaction volume, when the daily trading volume was between $5 million and $6 million. But there is still a long way to go to reach the level of December last year, when the transaction volume reached $85 million.
Dune data shows that the cross-chain marketplace Magic Eden has once again become a popular trading market for buying Ordinals. Last month, the well-known cross-chain NFT marketplace announced a new points program for traders, giving away “diamonds” to loyal users.
Scott Norris of Optiminer, an independent bitcoin miner, explains that this could be a fruitful symbiotic relationship.
Norris told reporters, “Ordinals should help increase transaction fees, and the general consensus is that this should help miners.” “
“The distance halving will put some miners facing electricity bills, but some large miners are generating electricity and selling it when needed to support grid work”
The most popular Ordinals series on Magic Eden include NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol.
As the price of bitcoin soared, it reached $57,000 per coin at one point. Ordinals has once again generated interest in the hype surrounding spot BTC exchange approvals last month and the long-awaited halving of the largest crypto network on the horizon.
Bitcoin’s halving means that the rewards for miners who process transactions on the blockchain and mint new coins will be cut in half. When miners have already doubled down on their efforts to process Ordinals activity, they will have to work harder to process transactions.
Ordinals – NFT-like inscriptions inscribed on a single satoshi – bring different use cases to the largest crypto networks.
Since the outbreak last year, it has led to the birth of various agreements and projects. They are allowed to be used for non-financial data such as artwork, profile pictures, or text that is inscribed onto the Bitcoin blockchain.
However, some members of the Bitcoin community are outraged by this new craze as people use the Bitcoin blockchain to mint images, driving up transaction costs.
At one point in time, the cost of sending Bitcoin was the highest it had been in two-and-a-half years, but the cost has dropped significantly as the network becomes less congested.