Franklin Templeton’s digital asset division sent a letter to investors informing them of Bitcoin-based investments. non-fungible tokens The Bitcoin ecosystem is booming, with a rise in the number of NFTs.
Asset manager of the asset class attributes the increased momentum of the market to a number of factors including: the rise of Bitcoin NFTs (BTC), called Ordinals; the creation of new standards such as BRC-20, Runes and the expansion of Bitcoin Layer 2 The expansion of Decentralized Finance (DeFi), built on the Bitcoin Network, as well as the (L2s).
Bitcoin Ordinals Shine
Bitcoin ETFs are backed by the issuer’s reportActivity in the Bitcoin NFT area is picking up speed. Particularly, the trading volume of Ordinals has increased significantly over the last few months.
The chart below shows that Bitcoin (BTC) will surpass Ethereum (ETH) as the dominant currency in trading volume in December of 2023.
Several collections of Bitcoin ordinals have emerged as the dominant players on the NFT, both by trading volume and capitalization.
NodeMonkes Runestone Bitcoin Puppets and other collections have respective market caps of 353 millions, 339 millions and 168 million. These are some of the best collections.
The following are some of the ways to get in touch with us terms of trading volume The report indicates that over the last 30 days these three collections have recorded a trading volume of $81,000,000, $85,000,000, and $38,000,000 respectively.
Asset manager claims that BTC ordinals are different from other NFTs such as Ethereum and SolanaThey contain the raw data directly recorded on the Bitcoin Blockchain. The market capitalization and volume of trading indicate that this is one feature which contributes to Bitcoin Ordinals’ growing popularity.
Franklin Templeton was among the ETF issuers. launched a spot BTC ETF in the United States earlier this year. The ETF trades with the ticker BTC “EZBC,” According to BitMEX, the exchange has received 281.8 millions in total since it launched on January 11, 2011. data On April 3,
Franklin Templeton’s ETF is a notable exception to those leading ETF players, like Blackrock and Fidelity. They have experienced flows in excess of 14 billion and 7 billion.
Binance to discontinue support for BTC NFTs
A recent blog postBinance, a crypto-exchange announced that it will no longer support Bitcoin NFTs. Binance has announced that it will stop offering airdrops and other benefits or utilities for BTC NFTs less than one year after they were introduced. The company cited the need to simplify its NFT product line.
Binance says that Binance users are those who have a Binance account. own Bitcoin NFTs should be withdrawn from Binance NFT market via Bitcoin network by May 18, 2024.
On April 18, 2024 users will not be able purchase, deposit or bid on NFTs using the BTC Network. This change cancels any existing listing orders.
BTC currently trades at $68,300. This is a slight increase of 3% over the past 24 hours. The cryptocurrency is close to the important milestone of $70,000. This level has been difficult for the currency to maintain on several occasions.
Chart from TradingView.com, image from Shutterstock
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