ORDI Token Soars 35% Amid Crypto Rally and Ordinals Protocol Activity
The price of ORDI, a Bitcoin-based BRC-20 token, surged by 35% on Tuesday as part of a broader crypto rally and increased activity related to the Ordinals protocol. Over the past month, the token has risen by more than 700%, reaching $63.82 at 3:04 p.m. ET.
Record High and Market Cap
At one point on Tuesday, ORDI reached an all-time high of around $65. Currently, its market cap stands at $1.3 billion.
Bitcoin-Based Tokens
Bitcoin-based tokens are still relatively new, with the Ordinals mechanism paving the way for the development of both fungible (like BRC-20) and non-fungible tokens that often showcase digital art.
Rebound in Activity
In October, Ordinals trading decreased significantly after peaking the previous month. However, activity rebounded following Binance’s announcement of listing ORDI. Binance Pool also launched the Ordinals Inscription Service in August, making it easier for users to add additional data to the Bitcoin blockchain.
Growth of Bitcoin Development
Bitcoin development has been gaining momentum throughout the year, with various projects like Taproot Wizards and Outlier Ventures accelerator program focusing on Bitcoin. These initiatives aim to expand and enhance the capabilities of the Bitcoin network.
About Author
RT Watson is a senior reporter at The Block who covers a wide range of topics including U.S.-based companies, blockchain gaming, and NFTs. With experience covering entertainment at The Wall Street Journal and corporate news in Brazil at Bloomberg, RT has interviewed various individuals and holds a master’s degree in Digital Sociology.
Hot Take: ORDI Token Surges Amid Crypto Rally and Increased Ordinals Protocol Activity
The ORDI token, a Bitcoin-based BRC-20 token, experienced a significant surge of 35% during a broader crypto rally and increased activity related to the Ordinals protocol. This surge follows a month-long increase of over 700% in value. With its market cap reaching $1.3 billion, the token hit an all-time high of approximately $65 on Tuesday. The development of Bitcoin-based tokens has been facilitated by the Ordinals mechanism, allowing for both fungible and non-fungible tokens. The recent rebound in activity can be attributed to Binance’s listing of ORDI and the launch of Binance Pool’s Ordinals Inscription Service. Bitcoin development continues to grow with projects like Taproot Wizards and Outlier Ventures accelerator program focusing on expanding the capabilities of the Bitcoin network.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.