Magic Eden played a significant role in boosting the trading volume of Bitcoin Ordinals, with the platform contributing to a surge in trading activity. Meanwhile, the price of Bitcoin NFT NodeMonkes spiked by 25% in the last 24 hours, driven by strong network engagement.

Bitcoin Ordinals have once again captured attention, with trading volumes experiencing a remarkable surge over the past weekend. Concurrently, the demand for Bitcoin-based NFTs has seen a sharp increase recently.

On March 3, the trading volume of Bitcoin Ordinals surged to $51.14 million, marking its highest level since December 18 of the previous year. Notably, Magic Eden accounted for a significant portion of this volume, representing 76.8% of the total.

This surge in trading volume coincided with a notable rise in the number of transactions and trading users on the Bitcoin Ordinals platform, reaching their highest levels since mid-to-late December, according to data from Dune Analytics.

Introduced in January 2023, Bitcoin Ordinals allows users to create NFT-like assets by embedding files into satoshis (sats), the smallest unit of Bitcoin.

Bitcoin NFT NodeMonkes witnessed a remarkable price surge, climbing by over 25% in the past 24 hours to reach 0.89 BTC (approximately $56,500). This surge propelled NodeMonkes’ market capitalization to $565 million, surpassing other prominent NFT projects like Pudgy Penguins and MAYC.

NodeMonkes now ranks third in terms of market value among NFTs, trailing only CryptoPunks and BAYC (Board Ape Yacht Club). This achievement highlights the growing popularity and demand for NodeMonkes within the NFT community.

Consisting of 10,000 distinct pixelated profile picture (PFP)-style Ordinals, NodeMonkes was released in December and established itself as the first 10,000-strong collection on Bitcoin. Despite other collections of similar size debuting earlier, NodeMonkes made its mark by engraving its collection onto the blockchain in February 2023, just a month after the launch of Ordinals.