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Leading Bitcoin Ordinal projects have recovered in the past 24 hours after the global market faced widespread sell-off and recession fears early this week.
NodeMonkes, the largest Ordinals project by market cap, has increased its floor price by 34.2% to $7,600 over the past 24 hours. Meanwhile, Bitcoin Puppets, the second largest project, rose 38% to a bottom of $5,600.
Bitcoin Ordinal Inscriptions are digital assets inscribed on a satoshi, the lowest value of a Bitcoin (BTC). Ordinals are often thought of as NFTs for Bitcoin. The protocol initially took the industry by storm, but the hype has cooled in recent months.
Since NodeMonkes’ price floor of 0.897 BTC ($51,000) in March 2024, the price floor has fallen 85% to 0.131 BTC ($7,500). A similar pattern can be seen across other Ordinals projects, including Bitcoin Puppets which has seen the bottom drop 79% since April.
But the ecosystem is showing signs of healing.
BTC DeGods is one of the biggest winners of the day, with the bottom price rising 42.2% to $4,000. This comes as Ethereum’s DeGods NFT project also sees its bottom rise 48% to $2,600.
Other Ordinals winners include Aeons increasing its floor by 40%, Blob rising 37.8% and Trevor.btc creating Pizza Ninjas by 24%.
As a #Bitcoin whale, I face a hidden crisis: systemic oppression and societal contempt. With significant amounts of Bitcoin, #Ordinals, #BRC20 and #Runes, I endure ridicule and judgment on a daily basis. My wealth should be celebrated, but it marks me as a target for hatred.
Just like… https://t.co/MWuuB4iAiQ
— Arthur Hayes (@CryptoHayes) August 6, 2024
This run came after Bitcoin billionaire and BitMEX co-founder Arthur Hayes posted on Twitter that he owns “significant amounts” of Ordinals. This post came in support of a soon-to-be-launched Ordinals profile photo (PFP) project called Airhead, which aims to destigmatize empire.
“Our Airhead characters, who puff up with evidence of wealth, represent the beauty and power of our financial success.” Hayes wrote on Twitter: “Fat is beautiful, and so is our wealth. We are not afraid to show off what we have, and we will not be silently shamed.”
Edited by Stacy Elliott.