The recent resurgence of Ordinals on the Bitcoin network marks a turning point in the digital asset ecosystem. While the traditional NFT market struggles to regain its former dynamism, Ordinals collections are performing remarkably well, defying current trends.
A spectacular rebound for the Ordinals
After months of being overshadowed by the Runes craze, Ordinals are making a comeback. Major collections on the Magic Eden platform are seeing substantial gains, with some even doubling their value in just a few weeks.
NodeMonkes, for example, saw its floor price rise to 0.2 BTC, or around $13,000, while other collections like Quantum Cats and Pizza Ninjas are seeing increases of 10% and 18% respectively.
This renewed interest in Ordinals comes at a time when the Runes protocol seemed to have taken over. By August 18, Runes accounted for up to 70% of transaction volume on the Bitcoin blockchain, temporarily pushing Ordinals into the background.
However, the trend is now reversing, demonstrating the resilience and continued appeal of Ordinals to investors and collectors.
A stark contrast to the NFT market
While Ordinals are experiencing significant growth, major NFT collections on Ethereum and Solana are struggling to keep up. Giants like CryptoPunks and Bored Ape Yacht Club (BAYC) are only seeing marginal gains, or even declines for some popular collections.
On Solana, despite some modest increases, enthusiasm remains moderate compared to the excitement observed on the Ordinals side.
The renewed success of Ordinals is part of a broader context of dynamism around Bitcoin. Since their creation in early 2023 by Casey Rodarmor, these NFTs have shaken up the ecosystem, giving rise to a market valued at $759 million according to CoinGecko.
Investors seem increasingly attracted by the innovations brought by Bitcoin-based protocols.
The resurgence of Ordinals against the traditional NFT market not only highlights the vitality of the Bitcoin ecosystem, but also the rapidly evolving preferences of investors in the digital asset space.
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