ORDI Rally As OI, BTC Ordinals Volume Spike
The ORDI token, the native token for Ordinals, experienced a surge in sales, reaching a high of $14.65, the highest level since May this year. This surge has pushed its total market cap to over $270 million and daily trading volume to over $569 million.
The surge is attributed to three reasons: Binance’s announcement to list the token, which is a significant event, followed by OKX and Bitget.
Additionally, the total volume of Ordinals NFTs jumped by over 19.9% in the past 24 hours, reaching over $17.7 million, higher than Ethereum’s handling of NFTs worth over $17 million.
Ethereum NFTs have been losing traction, leading to substantial layoffs by companies like OpenSea. ORDI’s open interest in the futures market also rose to an all-time high of over $79 million, with most assets in Binance, OKX, and Bitget.
A higher open interest indicates an uptrend in demand. Shorts liquidations also reached a record high on Tuesday as the token began to plummet.
(With inputs from Shikha Singh)
You need to login in order to Like
