Introduction
The Bitcoin Ordinals (ORDI), a collection of tokens minted on the Bitcoin blockchain, has seen a significant surge of 40.8% in the past 24 hours after being listed on popular cryptocurrency exchange Binance.
New Trading Opportunities on Binance
Binance recently announced that users can now trade Ordinals against Tether (USDT), Bitcoin (BTC), and the Turkish lira. Notably, Binance did not charge developers any listing fees for the ORDI token, and withdrawals will be available starting from November 8th. As a special incentive, the first 1,000 users who deposit at least 72 ORDI to the exchange will receive a 50 USDT trading rebate voucher.
Understanding Bitcoin Ordinals
Bitcoin Ordinals is a unique numbering system that assigns a distinct number to each individual satoshi, which is equivalent to 1/100 million of a Bitcoin. This system allows for easy tracking and transfer of digital assets on the Bitcoin blockchain. By combining the numbering system with the inscription process, which adds additional data to each satoshi, users can mint one-of-a-kind digital assets on the Bitcoin blockchain. It is important to note that the current token listed on Binance, ORDI, is not associated with the developers of Bitcoin Ordinals.
Surging Popularity of BRC-20 Tokens
Invented by Web3 developer Rodarmor in January, BRC-20 tokens have quickly gained popularity as one of the most significant technological advancements in the 15-year history of blockchain technology. Self-custody wallet providers, like BitKeep (now Bitget Wallet), have enabled BRC-20 token deposits and withdrawals since June. The total market cap of BRC-20 tokens currently stands at an impressive $1.34 billion.
