ORDI Token Reaches $1 Billion Market Cap
The ORDI token, based on Bitcoin Ordinals, has achieved a market capitalization of over $1 billion. It has experienced significant gains in both monthly and weekly percentages, surpassing $65 on December 5. This represents an increase of more than 850% from its value on November 5. In the past seven days alone, ORDI has risen by 216%. Although it has slightly dropped from its peak, trading at under $61, it still marks a remarkable growth of over 2,000% since its all-time low in September.
Bitcoin Ordinals and Inscribed Assets
Bitcoin Ordinals was created by Casey Rodarmor as a protocol for inscribing content onto the Bitcoin blockchain. It allows for the creation of nonfungible tokens (NFTs) and new tokens using the BRC-20 standard. This innovation quickly gained popularity within the blockchain community. After a decline in inscription activity in October, Binance’s decision to list ORDI on November 7 revitalized interest in these assets. Since its launch, over 48 million Ordinals assets have been inscribed, generating more than $146.9 million in fees paid to the Bitcoin network.
Rise of Transaction Fees and Project Funding
On November 20, transaction fees on the Bitcoin network surpassed those of Ethereum due to the surge in inscriptions of new NFTs and BRC-20 tokens. Furthermore, Taproot Wizards, an Ordinals-based project, announced a $7.5 million seed round on November 17.
Hot Take: ORDI Token Breaks Records with $1 Billion Market Cap
The ORDI token’s achievement of a $1 billion market capitalization is a significant milestone for the Bitcoin Ordinals protocol. This success highlights the growing demand for inscribed assets and the potential of blockchain technology. As more investors recognize the value and utility of BRC-20 tokens, we can expect further growth and innovation in this space. The rise of ORDI serves as a reminder of the transformative power of cryptocurrencies and their ability to disrupt traditional financial systems.
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