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Bitcoin Ordinals Project NodeMonkes Tops Bored Ape Yacht Club in Market Capitalization
An impressive feat was achieved earlier this Monday by the Bitcoin Ordinals project NodeMonkes, as it surpassed the renowned Bored Ape Yacht Club in terms of market capitalization. NodeMonkes recorded a market capitalization of 7,300 BTC, equivalent to approximately $490 million. This information was reported by the cross-chain NFT marketplace Magic Eden.
In comparison, the market capitalization of Bored Ape Yacht Club at the time stood at 136,500 ETH, or around $483 million, as stated by the NFT analytics site NFT Price Floor. Despite this, as of the latest update, Ethereum-based Apes have regained the lead, though the gap between the two collections remains narrow, with less than $30 million in cryptocurrency value separating them.
NodeMonkes: A New Player in NFT Collectibles
Launched in December, NodeMonkes presents itself as a collection comprising 10,000 8-bit monkey-themed digital collectibles. The market cap of an NFT project is determined by multiplying the floor price by the number of assets within the collection.
Significant activity was observed in February when NodeMonkes #2769 was sold for 17 BTC, approximately $1.08 million at that time, on Magic Eden. Notably, the NodeMonkes floor price experienced a substantial increase from 0.53 BTC to 0.83 BTC within a span of 12 hours on a Sunday, settling at 0.67 BTC thereafter.
NodeMonkes have flipped BAYC after going from 0.54 to 0.78 BTC floor today.
You can’t fully see it, but figured I’d show the full chart.
NodeMonke floor: $52,600BAYC floor: $48,780 pic.twitter.com/QNkAe5jUiV
— NFTstats.eth (@punk9059) March 18, 2024
Rising Demand for Ordinals Projects
Bitcoin Ordinals projects have been witnessing a surge in demand in recent months, given the escalating price of Bitcoin, which has been setting new all-time highs. Over the past week, Ordinals projects collectively accumulated trading volume amounting to $135 million, according to data sourced from CryptoSlam. Concurrently, Ethereum NFTs also conducted transactions generating sales volumes totaling $113 million.
One of the standouts in this realm is Runestone, another prominent Ordinals project that has experienced a remarkable increase in value. Following an airdrop on March 14, where 112,383 tokens were distributed on Bitcoin, Runestone swiftly climbed the ranks to become one of the top three most-traded NFT projects, amassing $5.3 million in trading volume within merely 24 hours.
The Runestone airdrop marked a significant milestone for the collection, with the pivotal moment awaiting after the upcoming Bitcoin halving in April when the Rune token protocol crafted by Ordinals creator Casey Rodarmor is set to be operational.
“Runestone is a pre-Runes project where the Runestone inscription people receive will convert into a Rune token on Casey’s Rune protocol in 8 weeks,” revealed NFT historian and Runestone spokesperson Leonidas in a previous statement.
Prior to the recent airdrop, the anticipation surrounding Runestone was palpable, with a single Runestone inscription, numbered 63,140,674, fetching an impressive sum of 8 BTC, equivalent to approximately $533,956, at auction.
In a bid to stay relevant amid the surge of interest in Ordinals last year, the creator of Bored Ape Yacht Club, Yuga Labs, introduced its own collection of Ordinal inscriptions named TwelveFold, consisting of 300 generative NFT art pieces. Co-founder of Yuga Labs, Greg Solano, expressed optimism about the future of digital artifacts on Bitcoin, particularly regarding Ordinal inscriptions.
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