The ORDI token, based on the Bitcoin Ordinals protocol and utilizing the BRC-20 token standard, has achieved a significant milestone by becoming the first BRC-20 token to surpass a $1 billion market capitalization. This achievement follows a period of remarkable growth in its value.
As of December 5, ORDI reached a new all-time high, trading at over $65. This represents an impressive surge of more than 850% from its price around $6.80 on November 5, according to data from CoinGecko. Over the past week alone, ORDI has seen a 216% increase in its value.
The rapid appreciation in ORDI’s price led to it becoming the first BRC-20 token to hit a $1 billion market cap on December 5. At the time of reporting, its market value stands at $1.3 billion.
Despite a slight decrease from its peak, ORDI’s current trading price of under $61 still marks an extraordinary growth of over 2,000% from its all-time low of $2.86 on September 11.
The Bitcoin Ordinals protocol, introduced in January by Casey Rodarmor, allows for the inscription of content directly onto the Bitcoin blockchain. This includes the creation of nonfungible tokens (NFTs) and new tokens following the BRC-20 standard. The protocol quickly gained traction within the blockchain community, with a notable increase in inscription activity.
After a temporary dip in inscriptions in October, Binance’s decision to list ORDI on November 7 provided a significant boost to the interest in these assets. Data from Dune Analytics reveals that since the inception of the Ordinals protocol, over 48 million assets have been inscribed, contributing to more than $146.9 million in fees paid to the Bitcoin network.
The Bitcoin network experienced a notable event on November 20, when transaction fees surpassed those of Ethereum, driven by the high demand for new NFTs and BRC-20 tokens inscriptions.
In another development for the Ordinals ecosystem, the Taproot Wizards project, also based on the Ordinals protocol, announced a successful $7.5 million seed funding round on November 17. These developments underscore the growing interest and investment in the Bitcoin Ordinals and BRC-20 token space, marking a new era of innovation and financial activity on the Bitcoin blockchain.
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