Week in Bitcoin and Crypto: Ordinals, Starknet, and Market Dynamics Shape the Future

• Significant developments in the crypto world, including Bitcoin Ordinals and Starknet’s DeFi initiatives, mark this week’s highlights.
• Ordinals see a surge in trading volume, while Starknet establishes a DeFi committee, signaling a shift in the crypto landscape.
• “Bitcoin’s trading volume exceeded $15.3 million, marking a historic high,” reports @domodata.

This week in crypto reveals pivotal shifts with Ordinals’ trading boom, Starknet’s DeFi focus, and key organizational changes, offering a glimpse into the evolving landscape of cryptocurrency.

Bitcoin Ordinals Trading Volume Hits New Highs

Bitcoin Ordinals, a new method of embedding data onto the Bitcoin blockchain, has seen a significant surge in trading volume, reaching $15.3 million on November 7th, as per @domodata. This volume is only second to the peak witnessed on May 8th, suggesting a growing interest in this new asset class. OKX currently holds over 70% of the market share in Ordinals trading, highlighting its dominant position in the market.

Inscriptions Gain Popularity on Bitcoin Chain

According to NFTScan data, nearly 38 million inscriptions have been minted on the Bitcoin blockchain, generating over 2,400 BTC in transaction fees. This surge in inscriptions, a form of NFTs on the Bitcoin network, signifies the expanding use of blockchain technology beyond traditional cryptocurrencies.

Starknet’s Strategic Move: Forming a DeFi Committee

The Starknet Foundation announced the formation of a DeFi Committee, focusing on developing the DeFi ecosystem on its platform. This initiative underscores the increasing importance of decentralized finance in the crypto world and Starknet’s commitment to being at the forefront of this innovation.

Organizational Shifts in the Crypto Sphere

Amidst these technological advancements, Ava Labs conducted significant layoffs, impacting various teams, including communications and marketing. This move, as tweeted by Ava Labs’ Vice President Garrison Yang, is seen as a strategic reallocation of resources to foster growth in the challenging crypto bear market.

Conclusion

This week’s developments in the crypto sector, from Bitcoin Ordinals’ trading volume surge to Starknet’s DeFi committee formation and Ava Labs’ organizational restructuring, reflect the dynamic nature of the cryptocurrency world. These changes not only signify technological progress but also highlight the adaptability and resilience of crypto businesses in navigating market challenges. As the landscape continues to evolve, these developments offer valuable insights into the future directions of cryptocurrency and blockchain technology.