Bitcoin Ordinals, the not-so-old kid on the block, has given its followers a wild ride this July. Despite a colossal leap in daily inscriptions, trading volumes took an unexpected dive, painting a somewhat contrasting picture. Additionally, the team announced a new non-profit organization would be guiding the development of the Ordinals protocol henceforth.
The rebound and the dip
Call it a comeback of epic proportions; July 30th witnessed a milestone in the short but eventful history of Bitcoin Ordinals. A staggering 422,000 inscriptions were recorded, according to the Dune Analytics dashboard, smashing previous daily records.
And yet, this triumph was somewhat tainted by a simultaneous dip in sales volumes. On track to fall almost 50% from last month, the Bitcoin NFT market seems to be simmering down after a heated-up phase.
In addition to the new record, the Ordinals team also launched Open Ordinals. This new non-profit institution will be responsible for supporting the core developers and guiding the growth of the protocol.
Trading volume turbulence
Venturing deeper into the numbers reveals a tale of two halves. Trading data from CryptoSlam! unveils a shocking forecast for July’s trading volumes – poised to culminate around $65 million, a precipitous drop from the lofty heights of June when the figure hovered around $120 million. This nosedive, almost halving the volume, signifies a waning demand for Bitcoin Ordinals.
The tumult didn’t stop there. Both the average sales price and the unique buyer count saw a downward trajectory, plunging to roughly $460 per Ordinal and approximately 27,000 buyers. These figures are notably less impressive than June’s $604 average price per Bitcoin NFTs and the over 54,000 unique buyers.
The Luminex Effect?
The turn of events, however, had an intriguing twist – a surge in inscriptions amidst the dwindling trading activity. This sudden uptick could be accredited to Luminex, the launchpad for Ordinals. Earlier this month, Luminex unveiled its trump card, a modified BRC-20 standard. This masterstroke aimed to alleviate the pain points of users, primarily by curbing the excessive fees linked to inscriptions.
Dance of Ordinals
In the chaotic ballet of Bitcoin Ordinals, July showcased a dramatic blend of highs and lows. As we prepare for the next act, questions loom large: Will this unique dance continue? Will the Bitcoin Ordinals manage to balance the seesaw of inscriptions and trading volumes?
Only time will unveil the next twist in this thrilling performance. Until then, the spectators wait, eyes glued to the ever-unpredictable stage of cryptocurrency.