This BRC-20 Token Just Breached $1 Billion Market Cap

The BRC-20 token ORDI, which is based on Bitcoin, surged by 181% today amid a wider cryptocurrency upswing and a recent rise in activity surrounding the Ordinals protocol.

According to the most recent data, the token’s trade volume has increased by more than 900% during the last 30 days.

How To Get Free Crypto  

The ORDI coin has experienced a downward trend since its entry onto the market. It began trading at around $10 in June of this year and gradually dropped back to slightly less than $3 by mid-September.

Strong Performance: The BRC-20 Token ORDI

The token’s decline marked the bottom and the beginning of the subsequent bull market, which drove the price up to its all-time high of $66 on November 5.

The previous few days have seen a phenomenal increase in the price of ORDI, and since Bitcoin has recently performed well and crossed $44,000, ORDI is also rising quickly.

 ORDI price up an impressive 180% in the last week. Source: Coingecko

The ORDI token, which is based on Bitcoin Ordinals, has achieved triple-digit monthly and weekly percentage growth, making it the first BRC-20 token to surpass a $1 billion market valuation.

Coinbase Banner  

Tokens based on Bitcoin are comparatively new in the digital currency space. These tokens leverage the Bitcoin network to produce a variety of digital assets, in contrast to Bitcoin, which is mostly used as electronic money. This change broadens the use of blockchain applications beyond the initial intent of Bitcoin.

Casey Rodarmor introduced the initial version of Bitcoin Ordinals in January. The protocol made it possible to add content to the blockchain of Bitcoin.

 Ordinals currently trading at $55.30 territory on the daily chart:

An important factor in the development of the two different types of tokens—fungible and non-fungible—was the introduction of the Ordinals mechanism.

In particular, this creative process has played a significant role in the development of BRC-20 tokens, which are a class of fungible token with characteristics similar to those of Ethereum’s ERC-20 standard.

FreeBitcoin Banner  

Like BRC-20s, fungible tokens are interchangeable and frequently linked to simpler use cases, such as enabling different decentralized applications and transaction processing.

Source: CoinCodex

BRC-20 Coin ORDI And Bitcoin’s Resurgence

Trading in Ordinals decreased significantly in October after reaching a peak in the preceding month, but it increased again once Binance declared it will list ORDI.

The Ordinals Inscription Service, which Binance Pool introduced in August, makes it simpler for users to engrave extra data on the Bitcoin blockchain.

Meanwhile, in the event that investors perceive the saturation and sell in order to book profits, the price of ORDI is expected to find some support at $60.

Since the meme coin is now tracking the price movement of Bitcoin, eventually the rise in BTC will halt, which would prompt additional selling by investors seeking to validate their gains.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Shutterstock

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.