Ordinals (ORDI) price rallied by more than 90% to hit a new 4-month peak of $10.40 on Tuesday, November 7. Will the Binance listing spark a prolonged ORDI price rally? 

On Tuesday, crypto investors piled millions in fresh capital inflow on the Bitcoin Ordinals native ORDI token ahead of its listing on the Binance exchange. Here’s how the ORDI price could react in the days ahead.

Binance Listing Sends ORDI Trading Volume to All-time High of $237 Million

Ordinals protocol allows users to store light-weight such as text, pictures, audio and video, etc. These inscriptions allow NFTs and other BRC-20 compatible file formats to be traded on the Bitcoin blockchain. 

In a statement released today, Binance announced it would start offering spot trading pairs — ORDI/BTC, ORDI/USDT, and ORDI/TRY.

Meanwhile, withdrawal options for ORDI are billed to open at 6:30 a.m. UTC on November 8. The largest exchange in the world by trading volume also plans to list ORDI as a new borrowable asset with a new ORDI/USDT Isolated Margin pair. 

Within 24 hours of the news, the ORDI price rose 71% from $7 to $11.90 — a new high since May. However, a closer look at on-chain data shows a clearer view of how investors piled fresh capital inflows into the market. 

According to Santiment, ORDI’s Daily Trading Volume crossed the $235 million market, up from 26 million the previous day.  This implies that ORDI’s trading volume has grown by over $200 million within the last 24 hours. 

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Author: Ibrahim Ajibade

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