Bitcoin is up 262% so far in 2023, but several Bitcoin Ordinals collections have outperformed Bitcoin itself! Let's take a look at how a few of these collections have performed relative to the OG blockchain.
Let's just start with the chart
The numbers speak for themselves. Check out this chart of a handful of select collections as of this week November 16, 2023. Floor price data from OrdinalHub's Price Tracker.
The Free Mints
There are 4 "Free" mints on this chart: Bitcoin Apes, Dogepunks, Bitcoin Whales, and Bitcoin Frogs. We're estimating a "real" cost to inscribe or mint each of these collections as the starting price.
In Dogepunks & Bitcoin Frogs case we took the estimate average transaction fee at the time to inscribe these 2 collections, each around $5. Bitcoin Punk & Bitcoin Apes were open first-come-first-serve "byte perfect" mints. For the Apes, we calculated the average cost to inscribe by the aggregate fees spent for the entire collection (39btc). With Bitcoin in the $20k- $30k range at the time, these free mints we see those collections are up tens or hundreds of multiples over Bitcoin!
Bitcoin Whales were also a free mint but launched on Gamma.io, so we are estimating the true mint cost to the user as Free + Gamma fees.
Bitcoin Punks: 344x
Bitcoin Apes: 46x
Bitcoin Whales: 24x
The OG Bluechips
Some of the most iconic bluechip ordinals collections have outperformed Bitcoin itself multiple times over.
We went back through 8+ months of ancient history in their discords to track down their original mint prices. Remember, a lot of these were back when there were no launchpads and trading happened manually through OTC. There were very few wallets or custody solutions at the time too, so you really had to want to mint these collections!
Astral Babes in particular was interesting as Deezy Labs had built a nostr + Lightning wallet + live inscription integration within ~2 weeks of Ordinals launching. Truly one of the most iconic mints of the early days.
We split up OMB Red & Blue eyes as these 2 traits were minted 2 months apart but Bitcoin's price was coincidentally the same on both dates! It also appears that OMBs may trade differently by trait (Green Eyes not pictured here though)
Ordinal Diamonds "only" outperformed Bitcoin by 60%. In any other market that would have been legendary.
Astral Babes: 58x
Ordinal Faces: 27x
Ordinal Maxi Biz (Red Eyes): 10x
Ordinal Maxi Biz (Blue Eyes): 10x
Ordinal Diamonds: 0.6x
Remember, the best thing to do is Dollar Cost Average Bitcoin. Not every collection moons (and we have conspicuously not tracked them here). Trade & collect at your own risk and enjoy this new online community we're building. But it sure is fun to see how a lot of these Ordinals collections have outperformed Bitcoin even during a crazy year for the King of Crypto!
Next up we'll do a review of which collections have outperformed Bitcoin after the "Ordinals Bear Market" the past ~3 months!