Bitcoin Ordinals project NodeMonkes has briefly surpassed the Bored Ape Yacht Club (BAYC) in market capitalization on Monday.
According to cross-chain NFT marketplace Magic Eden, NodeMonkes’ market cap temporarily surpassed BAYC’s market cap.
However, at the time of writing, NodeMonkes traded back below to a market cap of 6,500 BTC, or around $419 million, while BAYC’s market cap is 135,000 ETH, or around $453 million.
Launched in December, NodeMonkes is a collection of 10,000 8-bit monkey-themed digital collectibles.
The market cap for an NFT project is the floor price multiplied by the number of assets in the collection.
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The surge in NodeMonkes’ value is part of a broader trend of rising demand for Bitcoin Ordinals projects.
Ordinals are digital artifacts that can be inscribed onto the Bitcoin blockchain.
Over the last week, Ordinals projects have racked up $135 million worth of trading volume, per data from CryptoSlam, while Ethereum NFTs have tallied $110 million in sales volume.
Another prominent Ordinals project, Runestone, has also seen a surge in value.
Following an airdrop on March 14, the collection of 112,383 tokens on Bitcoin skyrocketed into the top three most-traded NFT projects, with $5.3 million in daily trading volume.
The Runestone airdrop was a significant milestone for the collection, and the main event will occur after the Bitcoin halving in April when the Rune token protocol by Ordinals creator Casey Rodarmor comes online.
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