Benzinga - Cryptocurrency token ORDI, connected to the Bitcoin (CRYPTO: BTC) Ordinals framework, has seen a remarkable 50% leap in value over the last day.
This upswing in market activity comes after its addition to the listings of the major digital currency platform Binance (CRYPTO: BNB), spotlighting ORDI as a nascent yet promising "seed" project.
This surge in ORDI's market presence is particularly timely, as industry professionals prepare for the Benzinga Future of Digital Assets conference set for Nov. 14. The event is poised to cast a spotlight on innovative technologies like the Ordinals protocol, which underpins the ORDI token, fostering discussions around the advancements and the future trajectory of digital assets.
In a statement released on Tuesday, Binance cautioned potential investors about the nascent token: “ORDI is a relatively new token that poses a higher-than-normal risk, and as such will likely be subject to high price volatility,” urging traders to “exercise sufficient risk management, have done your research regarding ORDI’s fundamentals, and fully understand the project before opting to trade the token.”
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Binance's recognition of the innovative nature of ORDI comes with a caveat about its potential for high volatility, evidenced by the designation of a "Seed Tag" for the token on its platform.
Following the listing, the ORDI token's value climbed to $11 from the previous $7 range. The trading volume echoed this ascent, with figures reaching close to $100 million within a 24-hour window.
The underlying technology, the Ordinals protocol, facilitates incorporating data onto the Bitcoin blockchain through inscriptions.
These inscriptions can reference digital art and are made within small Bitcoin transactions.
This protocol was introduced back in April following the launch of the Bitcoin Request for Comment (BRC-20) token standard, which expanded the Bitcoin network's capabilities, allowing for the issuance and transfer of tokens. Consequently, this innovation led to a flurry of digital artwork and meme tokens emerging on the Bitcoin network.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our November 13 Fintech Deal Day and November 14 Future of Digital Assets. Secure a spot here to join them!
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