- Despite Bitcoin’s surge, many of the leading Ordinals projects have seen monthly declines of more than 20%.
Despite Bitcoin’s recent surge near $70,000, the top Ordinals projects are in decline.
In the last 30 days, collections like NodeMonkes, Bitcoin Puppets, and Ordinal Maxi Biz have all dropped more than 20%, whereas BTC has risen by up to 30% during the past month, reaching a high of $70,000, the highest amount since June 12.
NodeMonkes’ floor price, which peaked at 0.89 BTC, has dropped by over 85% after a scorching Q1. It currently stands at 0.134 BTC.
Similar trends have been seen with Bitcoin Puppets, which had an 80% drop in value from their mint price of less than 0.01 BTC to an all-time high of 0.46 BTC in April. Currently, they are selling for little over 0.09 BTC each inscription.
Programmer Casey Rodarmor implemented Ordinals to Bitcoin in January 2023. Ordinals and non-fungible tokens (NFTs) are comparable in that they enable tokens on Bitcoin to have verifiable scarcity and rarity. This is accomplished by “inscribing” each individual satoshi—a minuscule portion of a Bitcoin—with a unique set of data.
In the meantime, following this past weekend’s Bitcoin2024 conference, Bitcoin is rising. During the conference, Donald Trump, the presidential contender, suggested a government that supports cryptocurrency if elected.
The Taproot Wizards team’s Quantum Cats are enduring longer despite the Ordinals market falling off. At the moment, the collection is 33% below its peak of 0.45 BTC.
Overall volume and price action in the Ordinals market are in line. From February 26 to April 22, Magic Eden’s Ordinals marketplace processed over $40 million in total volume per week, reaching a peak of $113 million in the first week of April.
Volume has drastically decreased since then; it hasn’t exceeded $10 million in weekly volume since June 3.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
