The BRC-20 token ORDI, which is based on Bitcoin, increased by 181% today, coinciding with a general cryptocurrency upsurge and a recent surge in activity surrounding the Ordinals protocol.
The token’s trade volume has surged by more than 900% in the previous 30 days, according to the most available data.
Since its introduction to the market, the ORDI coin has been on a declining trend. It peaked at over $10 in June of this year before falling to slightly less than $3 by mid-September.
The BRC-20 token ORDI, which is based on Bitcoin, surged by 181% today amid a wider cryptocurrency upswing and a recent rise in activity surrounding the Ordinals protocol. According to the most recent data, the token’s trade volume has increased by… #CryptocurrencyMarketNews pic.twitter.com/E4v853SHN1
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) December 7, 2023
The BRC-20 token ORDI outperforms
The decrease in the token signalled the bottom and the start of the succeeding bull market, which brought the price up to an all-time high of $66 on November 5.
The price of ORDI has risen dramatically in recent days, and as Bitcoin has lately performed well and crossed $44,000, ORDI is also proliferating.
🔥 Breaking News!
— BRC20 Daily (@BRC20_Daily) December 6, 2023
The ORDI token, which is based on Bitcoin Ordinals, has experienced triple-digit monthly and weekly percentage growth, making it the first BRC-20 token to reach a market valuation of $1 billion.
Tokens based on Bitcoin are a relatively new phenomenon in the digital money world. In contrast to Bitcoin, which is usually used as electronic money, these tokens use the Bitcoin network to create a range of digital goods.
This modification broadens the utility of blockchain applications beyond the original purpose of Bitcoin.
In January, Casey Rodarmor released the first version of Bitcoin Ordinals. The protocol enabled the addition of content to the Bitcoin blockchain.
4/ Launched in January by Casey Rodarmor, Bitcoin Ordinals provides a platform for inscribing content onto the #Bitcoin blockchain. This includes #NFTs and the creation of new tokens using the #BRC20 standard, showcasing the protocol's versatility.
— Samboi (@Tam259324557) December 6, 2023
This creative process was critical in the development of BRC-20 tokens, which are a type of fungible token with properties comparable to Ethereum’s ERC-20 standard.
Fungible tokens, like BRC-20s, are interchangeable and typically associated with simpler use cases, such as enabling various decentralized apps and transaction processing.
The BRC-20 coin ORDI and Bitcoin’s Revival
Ordinal trading declined dramatically in October after reaching a peak the previous month, but it climbed again once Binance said it would launch ORDI.
🚨ORDI Token Price Reaches All-Time High, Up 549% in One Month
ORDI, the largest BRC-20 token built on Bitcoin's Ordinals protocol, has seen its price skyrocket in recent weeks, reaching an all-time high of $44.03 on Sunday. The token's impressive gains have been fueled by a… pic.twitter.com/fzX0oPMH2q
— CRUXX | Crypto News (@Coin_CRUXX) December 5, 2023
The Ordinals Inscription Service, which Binance Pool launched in August, makes engraving more data on the Bitcoin blockchain simpler.
Meanwhile, if investors see saturation and sell-to-book profits, the ORDI price is projected to find some support at $60.
Because the meme coin is now tracking the price movement of Bitcoin, the rise in BTC will eventually come to an end, prompting additional selling by investors looking to confirm their gains.
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