Bitcoin Ordinals Bounce Back After Turbulent Start to the Month

Leading Bitcoin Ordinal projects have bounced back over the past 24 hours, after the global market experienced widespread sell-offs and recession fears at the start of the week.

NodeMonkes, the largest Ordinals project by market cap, has increased its floor price by 34.2% over the past 24 hours to $7,600. Meanwhile, Bitcoin Puppets, the second largest project, has climbed 38% to a floor of $5,600.

Bitcoin Ordinal Inscriptions are digital assets inscribed on a satoshi, the lowest denomination of a Bitcoin (BTC). Ordinals are often looked at as NFTs for Bitcoin. The protocol originally took the industry by storm but, in recent months, hype has been cooling.

Since NodeMonkes’ floor high of 0.897 BTC ($51,000) back in March of 2024, its floor price has fallen by 85% to 0.131 BTC ($7,500). There’s been a similar pattern across other Ordinals projects, including Bitcoin Puppets seeing its floor fall by 79% since April.

 Runes NFT Revolution

Bitcoin Ordinals Driving ‘Renaissance’ in BTC Activity: Franklin Templeton

Over the last year, Bitcoin Ordinals have taken the digital collectible world by storm, and they’ve now garnered the attention of financial titan Franklin Templeton. The digital assets division of the global investment firm today featured the rise of Ordinal inscriptions in a new prospectus. “In the past year, Bitcoin innovation and development has seen a renaissance in activity,” Franklin Templeton Digital Assets wrote. “Positive momentum in innovations is primarily driven through Bitcoin NFTs,...

But the ecosystem shows signs of healing.

BTC DeGods is one of the biggest winners of the day, with its floor price jumping 42.2% to $4,000. This comes as the Ethereum’s DeGods NFT project also sees its floor climbing 48% to $2,600.

Other Ordinals winners include Aeons increasing its floor by 40%, Blob up 37.8%, and Trevor.btc created Pizza Ninjas leaping 24%.

This run has come after Bitcoin billionaire and BitMEX co-founder Arthur Hayes posted on Twitter that he holds “significant amounts” of Ordinals. This post came in support of a soon-to-launch Ordinals profile picture (PFP) project called Airhead, which aims to destigmatize being rich.

“Our Airhead characters, which inflate with proof of wealth, represent the beauty and power of our financial success.” Hayes posted on Twitter, “Fat is beautiful, and so is our wealth. We are not afraid to flaunt what we’ve got, and we will not be shamed into silence.”

Edited by Stacy Elliott.