ORDI Token Doubles in Price, Sets New All-Time High
The ORDI token, built on Bitcoin’s Ordinals protocol, has experienced a significant surge in price over the past week. It reached a new all-time high of $44.03 before settling at around $41.50. Despite a slight pullback, ORDI is up 28% in the last 24 hours and has seen a remarkable 114% increase in the past seven days. Over the last month, ORDI has surged by 549%, resulting in a market cap of $873 million and ranking it at #65 on CoinGecko’s list of top cryptocurrencies.
The Ordinals Protocol and BRC-20 Tokens
The Ordinals protocol was launched earlier this year and allows users to “inscribe” media onto the Bitcoin blockchain, similar to NFTs on other networks. In March, this protocol was used to create fungible tokens through the BRC-20 standard, with ORDI being the first token developed by its creator, Domo. ORDI has gained significant adoption recently, including listings on exchanges like Binance and OKX, leading to gradual price increases.
Bitcoin’s Rising Price
Bitcoin has also been experiencing a surge in price, reaching its highest point in 20 months. It surpassed $40,000 and is currently trading above $42,000. This increase coincides with ORDI’s price surge and marks the highest price since the launch of ORDI and the BRC-20 standard.
Other BRC-20 Tokens Showing Gains
In addition to ORDI, other BRC-20 tokens have seen substantial gains over the past week. DOMO, named after the BRC-20 creator, has increased by 1,098% to a current price of $1.18. The PEPE token on BRC-20 has also surged by 107% to a price above $0.13 per token.
Hot Take: ORDI Token’s Meteoric Rise Reflects Growing Interest in Fungible Tokens
The rapid increase in the price of the ORDI token highlights the growing interest in fungible tokens built on Bitcoin’s blockchain. The Ordinals protocol and BRC-20 standard have opened up new possibilities for users to tokenize various assets and media. As more exchanges list these tokens and they gain wider adoption, their prices are likely to continue surging. This trend also aligns with Bitcoin’s rising price, indicating a positive sentiment in the overall crypto market. It will be interesting to see how these developments impact the future of tokenization on Bitcoin’s blockchain.
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