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Ordinals Climbing
Published on June 7, 2024
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Ordinals Up, ETH NFTs Down

This week, bluechip ETH NFTs struggled – with Punks seeing their first sale in the 20s (ETH) in nearly three years. Meanwhile, Bitcoin-based Ordinals and Runes surged in popularity. 

The total market cap of the top 10 Bitcoin-based NFTs, including Ordinals and Runes, climbed to $1.03B after a daily average trading volume of $2.25M in May.

Popular collections like NodeMonkes, Bitcoin Puppets, and Runestones had all jumped, up 5%, 8%, and 15%, respectively. Additionally, popular runes like PUPS, a Rune memecoin inspired by Bitcoin Puppets, and WZRD, a Rune token based on Taproot Wizards, are also up ~25% and ~40%

Despite lagging behind Ethereum and other chains in sales volume, Bitcoin NFTs have continued to gain global interest. A surge in Google searches, a common metric for measuring sentiment, for "Ordinals" and "Bitcoin NFTs" suggests they still hold strong potential for future growth, something which could be further accelerated by OP_CAT’s upgrade if the proposal passes

This serves as a good lesson: whenever Crypto Twitter deems something dead and buried, it’s probably not a bad time to buy.

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