Bitcoin Surges Above 14% as Market Rebounds
Bitcoin (BTC) has experienced a significant increase in value, rising above 14% as the wider market recovers. This surge is fueled by several factors, including increased network activity through BTC Ordinals (Bitcoin non-fungible tokens), institutional investor anticipation for a spot Bitcoin ETF in the US, and an overall bullish outlook.
BTC Ordinals Hits $1 Billion Market Cap
BTC Ordinals (ORDI) has seen a massive surge of 850% in just 39 days, reaching a market capitalization of $1 billion. Despite facing criticism for congestion issues earlier this year, ORDIs have become the first BRC-20 token to achieve this milestone. The token is currently trading above $55, marking a 7.7% increase in the past day and over 200% in the last seven days.
Record Activities with Bitcoin Ordinals
Bitcoin Ordinals were introduced in January, allowing users to make inscriptions on the Bitcoin network. Recent data shows that over 48 million Ordinals have been inscribed on the network, generating $149 million in transaction fees. This growth has led to Bitcoin recording more transaction fees than Ethereum, contrary to expectations.
Bitcoin Price Hovers Around $43,500
The price of Bitcoin has soared by over 25% in the past month as bulls aim to recover from losses incurred during the bear market. Year-to-date, Bitcoin has seen a remarkable 162% increase. This growth was sparked by renewed institutional interest following BlackRock’s spot ETF application and other big firms making similar moves. The anticipation of a spot Bitcoin ETF approval continues to grow.
Criticisms of Bitcoin Ordinals
Despite contributing to Bitcoin’s surge, inscriptions on the network have faced criticism. One major concern is that the numerous transactions caused by inscriptions congest the network, leading to an increase in unconfirmed transactions and higher transaction fees. Bitcoin core developer Luke Dashjr has criticized Ordinals for exploiting a vulnerability in Bitcoin Core and spamming the blockchain.
Hot Take: Bitcoin Ordinals Token Reaches $1 Billion Market Cap
Bitcoin Ordinals (ORDI) has achieved a significant milestone by reaching a market capitalization of $1 billion. Despite facing criticism for congestion issues, ORDIs have experienced tremendous growth in a short period of time. This surge in value highlights the increasing popularity of Bitcoin non-fungible tokens and their impact on the network’s activity. However, concerns regarding network congestion and transaction fees remain, with critics arguing that inscriptions on the Bitcoin network contribute to these issues. As Bitcoin continues to rally and institutional interest grows, the debate surrounding Ordinals and their utility to the network is likely to persist.
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