Bitcoin Ordinals Trading Volume Hits $51M, Highest Since December

• Bitcoin Ordinals trading volume surge led by Magic Eden with $39.29 million
• Bitcoin NFT sector sees 80% sales increase, outperforming Ethereum collections.

In an unexpected surge, the trading volume of Bitcoin Ordinals reached a new peak on March 3, with figures climbing to $51.14 million, marking the highest point since December 18 of the previous year. 

Notably, Magic Eden, a leading platform in the Ordinals marketplace, dominated this upswing, accounting for $39.29 million or 76.8% of the total trading volume. This resurgence in trading activity has brought the number of transactions and active users to their highest levels.

Meanwhile, the surge contrasts sharply with last month, where daily trading volumes languished between $5 million and $6 million. According to data from the analytics platform Dune, the overall landscape of Bitcoin Ordinals trading is substantial, with a total volume of $2,468,888,554 across 2,047,784 trades by 426,130 unique users.

Ethereum NFT vs. Inscriptions Volume Chart, Source: Dune

Among the hustle and bustle on Magic Eden, standout collections such as NodeMonkes, Bitcoin Puppets, and RSIC Metaprotocol have captured traders’ attention, contributing significantly to the platform’s trading volume

Moreover, the broader Bitcoin NFT sector has witnessed an 80% increase in sales week-over-week, reaching $168.5 million. Remarkably, three of the top five NFT collections driving this growth are based on Bitcoin Ordinals, overshadowing Ethereum‘s $162 million in sales, as reported by CryptoSlam.

BTC And Bitcoin Ordinals Hits New Highs

This revitalized interest in Bitcoin and its Ordinals comes at a pivotal moment. The cryptocurrency is experiencing a bullish momentum, with its value approaching a near-all-time high (ATH) of $65,000. This rally precedes Bitcoin’s much-anticipated halving event, which historically has been a catalyst for significant price movements. Currently BTC is trading at $63,364.34 with a 2.26% surge.

As Bitcoin inches closer to its ATH, the Ordinals market’s vibrancy reflects a growing enthusiasm among traders and collectors. It possibly heralding a new era of digital asset trading on the world’s largest cryptocurrency network.