Crypto exchange Binance has expanded its cryptocurrency offerings by adding the Ordinals (ORDI) token to its trading platform. The addition of ORDI token into Binance’s diverse crypto portfolio provides traders with new spot trading pairs: ORDI/BTC, ORDI/USDT, and ORDI/TRY. The platform commenced trading these pairs as of 10:00 (UTC) on November 7, allowing for immediate deposits of ORDI in preparation for robust trading activities. Withdrawals for ORDI, however, are scheduled to commence on November 8 at 06:30 (UTC).
To encourage engagement, Binance said it would incentivize the first 1000 users to deposit a minimum of 72 ORDI with exclusive rewards. This strategy has already spurred a notable increase in ORDI’s price, driving significant attention from crypto investors and leading to a notable uptick in its valuation.
Market response and volume increase
Following the announcement, ORDI’s price witnessed a sharp escalation. As per data from CoinMarketCap, showcased an 80% surge in value after the Binance listing news broke. The token, hitherto a modestly valued digital asset, leaped to a peak of $14.02 before stabilizing at a notable $13.13. At the time of press, the token is trading at $13.8.
The weekly and four-week price charts illustrate the token’s vigorous ascent, posting gains of 121% and 215%, respectively. From a base price of around $3, the surge reflects a buoyant response from the market to Binance’s listing decision.
Trading volumes for ORDI have also surged, echoing the market’s positive reception. Over $100 million has been recorded in trade volume for ORDI, a 171% increase following Binance’s listing announcement. Currently, with a market capitalization of $289 million, ORDI proudly stands as the 122th-ranked crypto industry.
Binance also hints at future plans to feature ORDI as a borrowable asset, paving the way for its use in margin trading with tether (USDT). This anticipated development is likely to further invigorate trading activity around ORDI.
The increased interest in ordinal inscriptions has not gone unnoticed, with ORDI amassing miner fees amounting to over 15.80416 BTC. This is reflected in nearly 108,000 transactions, underscoring the burgeoning interest in the token. The “16G1x” and “bc1qa” addresses have become transaction hotspots, strengthening ORDI’s position in the market.
The introduction of ORDI to the Binance platform signifies a notable event in the ongoing evolution of Ordinals. While independent from the developers of Bitcoin Ordinals, this new entrant is leveraging the rising wave of BRC-20 tokens, which now collectively boast a market capitalization of $1.34 billion, indicative of the dynamic expansion of BRC-20 tokens on the Bitcoin blockchain.
