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Bitcoin Network Fees Skyrocket Nearly 1,400% in November As Ordinals Inscriptions Dominate Top Blockchain
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Bitcoin Network Fees Skyrocket Nearly 1,400% in November As Ordinals Inscriptions Dominate Top Blockchain

Bitcoin (BTC) network fees are seeing a massive surge in November as demand for ordinals floods the leading blockchain. Data.

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ORDI surged 48% after crypto exchange Binance said that it will list the token soon today. Binance intends to offer Ordinals, or ORDI, with new spot trading pairs set to be available at 10 a.m. UTC on Nov. 7.. Binance announced today that it would begin offering spot trade pairings — ORDI/BTC, ORDI/USDT, and ORDI/TRY — with withdrawals for ORDI beginning at 6:30 a.m. UTC on Nov. 8. ORDI will also be added as a new borrowable asset, with the new margin pair ORDI/USDT on Isolated Margin. According to Coinstats data, the price of ORDI has risen 48% in the last 24 hours to trade at $11.7, a new high since May, following the Binance listing news. Following the Binance announcement, the price of ORDI skyrocketed. CoinGecko is the source. The anticipated IPO of ORDI follows the August introduction of Binance Pool's Ordinals Inscription Service, which makes it easier for users to inscribe extra data onto the Bitcoin blockchain. Earlier this year, the Ordinals protocol, which allows the development of BRC-20 tokens and NFTs on Bitcoin, gained traction. In the listing announcement, Binance cautioned that ORDI is a "relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility." The exchange stated that it will attach a "Seed Tag" to the ORDI coin, which indicates projects that may display higher volatility and hazards when compared to other projects. According to the announcement, users would have to pass the related quizzes every 90 days on the Binance Spot or Binance Margin platforms to obtain such seed tag tokens. Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Latest News News

Ordinals Price Surges 48% Following Binance Listing Announcement

ORDI surged 48% after crypto exchange Binance said that it will list the token soon today. Binance intends to offer.

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Bitcoin News

Bitcoin Ordinals and Inscriptions Impact on Miner Revenue as Halving Nears

This year, Bitcoin ordinals and inscriptions have significantly impacted block space utilization, bolstering miner revenue through increased transaction fees. However,.

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Bitcoin News

Bitcoin’s Network Crisis: Ordinals, New Token Standards, and The Road Ahead

Bitcoin’s introduction of Ordinals and new token standards has upped its network activity. However, with this surge, a series of.

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Bitcoin News

Ordinals still make up majority of Bitcoin txs despite price collapse

Despite the cryptocurrency’s recent price decrease and accusations that the buzz around Bitcoin NFTs has faded, ordinal inscriptions have continued.

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Events

Ordinals Summit 2023 in Singapore set to be Asia’s first large-scale Bitcoin Ordinals event

The inaugural summit will be Asia’s first-ever Bitcoin Ordinals event of its scale, and is expected to be the largest.

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Bitcoin News

Ordinals Protocol Surpasses 10 Million Inscriptions, Bitcoin Blockchain Flourishes

Bitcoin’s blockchain has recently witnessed a remarkable milestone as over 10 million inscriptions using the innovative Ordinals protocol have been.

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Bitcoin News

Crypto Hater Peter Schiff to Drop Bitcoin Ordinals NFT Art Collection

In an unexpected turn of events, renowned economist, gold advocate, and notorious crypto skeptic, Peter Schiff, has made headlines with.

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Blockchain News

Ordinals: Ethereum Developers’ Gateway to Bitcoin’s Innovation

Amidst the bustling Bitcoin 2023 conference in Miami last week, a unique phenomenon was observed—a convergence of Ethereum developers intrigued.

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Bitcoin News

Bitcoin-Based Space Pepes Top NFT Charts

Non-Fungible Tokens (NFTs) are experiencing a seismic shift as the Bitcoin blockchain emerges as the unexpected home of the top.

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