- The arrival of the Ordinals Protocol has coincided with a big jump in the price of Bitcoin.
- The SEC’s exemption of Bitcoin from the label of security has coincided with a big jump in the price of Bitcoin.
- The combination of the Ordinals Protocol and the SEC’s exemption of Bitcoin has coincided with a big jump in the price of Bitcoin.
- Bitcoin’s surge to its highest level since mid-August, and its outperforming of every other major asset in both crypto and traditional markets, coincides with the arrival of the Ordinals Protocol, the SEC’s exemption of Bitcoin from the label of security, and the combination of the two.
Together, they highlight the unique advantage that Bitcoin draws from its status as the oldest, most established and decentralized protocol and from a surprising new opportunity to harness that.
The arrival of the Ordinals Protocol, which enables users to inscribe references to digital art into small transactions on the Bitcoin blockchain, has demonstrated a new, high-value use case for the longest-running cryptocurrency chain.
Aligned with this, the launch of the BitShares decentralized exchange (DEX) has given traders a new way to buy and sell digital assets. This has created a surge in demand for Bitcoin, as traders look to take advantage of its unique advantages over other cryptocurrencies.
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