Bitcoin’s DeFi Ecosystem Redefines Itself
The introduction of Ordinals Inscriptions and the BRC-20 token standard in 2023 has sparked division within the Bitcoin community. However, a surge in adoption is reshaping the concept of DeFi on Bitcoin, ushering in a new era of fungible and non-fungible tokens (NFTs) for speculation.
ORDI Enters Top 100 Cryptocurrencies
Ordinarily, Ordi (ORDI) has become the first Bitcoin-based fungible token to enter the top 100 cryptocurrencies by market capitalization. Nevertheless, its rise has been met with controversy, as critics question its lack of real value proposition beyond being a fully speculative digital asset.
The increased demand for ORDI and other BRC-20 tokens has also been blamed for the recent surge in Bitcoin fees.
Binance Lists ORDI
The attention garnered by ORDI and other BRC-20 tokens has led to leading cryptocurrency services like Binance listing ORDI as its first Bitcoin-based token available for trade.
ORDI Price Analysis
As of now, ORDI is trading at $21.39 with a 30-day accumulated gain of 418.72%, according to CoinMarketCap. The token also boasts an impressive $247.64 million in 24-hour volume, with 52.85% of its $450 million market capitalization changing hands daily.
Despite its success, fundamental analysts advise caution due to the speculative nature of ORDI, likening it to memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Hot Take: The Controversy Surrounding ORDI
The introduction of Ordinals Inscriptions and the BRC-20 token standard has undoubtedly stirred up the Bitcoin community. While ORDI’s rise marks a significant milestone for Bitcoin-based tokens, its speculative nature raises concerns about its long-term viability and true value proposition.
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