Bitcoin Ordinals' ORDI Token Exceeds $1 Billion Market Cap, Sets New Trend for BRC-20 Tokens
Summary:
The ORDI token, based on Bitcoin Ordinals, has become the first BRC-20 token to reach a $1 billion market cap after significant percentage increases. Since its launch by Casey Rodarmor in January, the protocol allows content inscription onto the Bitcoin blockchain. Binance's decision to list ORDI in November prompted renewed interest after a brief decline. More than 48 million Ordinals assets have been inscribed since launch, accruing over $146.9 million in Bitcoin network fees. The Ordinals-based project Taproot Wizards also announced a $7.5 million seed round.
The ORDI token, based on Bitcoin Ordinals, has made history as the first BRC-20 token to surpass a market value of $1 billion, following dramatic monthly and weekly percentage increases. ORDI achieved a new record peak of over $65 on December 5th - an impressive rise of over 850% from its roughly $6.80 value on November 5th, as reported by CoinGecko. With a 216% increase recorded in the past week, ORDI's skyrocketing price led it to be the debut BRC-20 token to attain a $1 billion market cap on December 5th. Its current value sits at $1.3 billion. After falling somewhat from its peak, it is currently trading below $61, a tremendous growth of over 2,000% from its historic low of $2.86 on September 11th.
ORDI, first introduced in January by Casey Rodarmor, lets users engrave content onto the Bitcoin blockchain, including unique nonfungible tokens (NFTs) and completely new tokens utilizing the BRC-20 token standard. Following a short-lived dip in inscription activity during October, Binance's listing of ORDI on November 7th sparked renewed interest in these assets. As indicated by data from Dune Analytics, over 48 million Ordinals assets have been inscribed since the introduction of the protocol, generating over $146.9 million in fees for the Bitcoin network.
Bitcoin transaction fees outpaced Ethereum's on November 20th as people rushed to inscribe fresh NFTs and BRC-20 tokens. Another development in the Ordinals community was the announcement by Taproot Wizards, an Ordinals-based project, of a $7.5 million seed funding round on November 17th.
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Published At
12/6/2023 9:13:22 AM
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