This BRC-20 Token Just Breached $1 Billion Market Cap With 180% Rally Today – Details
07 Dezembro 2023 - 3:30AM
NEWSBTC
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 more than
900% during the last 30 days. The ORDI coin has experienced a
downward trend since its entry onto the market. It began trading at
around $10 in June of this year and gradually dropped back to
slightly less than $3 by mid-September. Related Reading: XRP Greed
Index Soars, Backed By Robust $1.3 Billion Volume – Good For Price?
Strong Performance: The BRC-20 Token ORDI The token’s decline
marked the bottom and the beginning of the subsequent bull market,
which drove the price up to its all-time high of $66 on November 5.
The previous few days have seen a phenomenal increase in the price
of ORDI, and since Bitcoin has recently performed well and crossed
$44,000, ORDI is also rising quickly. ORDI price up an impressive
180% in the last week. Source: Coingecko The ORDI token, which is
based on Bitcoin Ordinals, has achieved triple-digit monthly and
weekly percentage growth, making it the first BRC-20 token to
surpass a $1 billion market valuation. Tokens based on Bitcoin are
comparatively new in the digital currency space. These tokens
leverage the Bitcoin network to produce a variety of digital
assets, in contrast to Bitcoin, which is mostly used as electronic
money. This change broadens the use of blockchain applications
beyond the initial intent of Bitcoin. Casey Rodarmor introduced the
initial version of Bitcoin Ordinals in January. The protocol made
it possible to add content to the blockchain of Bitcoin. Ordinals
currently trading at $55.30 territory on the daily chart:
TradingView.com An important factor in the development of the two
different types of tokens—fungible and non-fungible—was the
introduction of the Ordinals mechanism. In particular, this
creative process has played a significant role in the development
of BRC-20 tokens, which are a class of fungible token with
characteristics similar to those of Ethereum’s ERC-20 standard.
Like BRC-20s, fungible tokens are interchangeable and frequently
linked to simpler use cases, such as enabling different
decentralized applications and transaction processing. Source:
CoinCodex BRC-20 Coin ORDI And Bitcoin’s Resurgence Trading in
Ordinals decreased significantly in October after reaching a peak
in the preceding month, but it increased again once Binance
declared it will list ORDI. The Ordinals Inscription Service, which
Binance Pool introduced in August, makes it simpler for users to
engrave extra data on the Bitcoin blockchain. Related Reading:
Bitcoin Bulldozes Past $44,000 – Is $45K Next This Week? Meanwhile,
in the event that investors perceive the saturation and sell in
order to book profits, the price of ORDI is expected to find some
support at $60. Since the meme coin is now tracking the price
movement of Bitcoin, eventually the rise in BTC will halt, which
would prompt additional selling by investors seeking to validate
their gains. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Shutterstock
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