The ORDI token, built on the Bitcoin Ordinals protocol, has achieved a remarkable milestone by becoming the first BRC-20 token to surpass a market capitalization of $1 billion.
This achievement comes on the heels of its astounding triple-digit gains in both monthly and weekly percentages.
As of December 5th, ORDI reached an all-time high, trading at over $65, marking an impressive 850% surge from its November 5th value of approximately $6.80, as reported by CoinGecko.
Over the course of the last seven days alone, ORDI has witnessed a remarkable 216% increase in value.
This sudden and significant uptick in the price of ORDI propelled it into the exclusive club of BRC-20 tokens with a $1 billion market capitalization.
Presently, at the time of this report, its market capitalization stands at $1.3 billion, although it has slightly retreated from its peak and is currently trading below $61.
Even at this level, it represents an extraordinary 2,000% increase from its previous all-time low of $2.86 on September 11th.
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Bitcoin Ordinals, introduced by Casey Rodarmor in January, introduced a novel capability to the Bitcoin blockchain: the ability to inscribe content, including nonfungible tokens (NFTs) and entirely new tokens utilizing the BRC-20 token standard.
The concept of Ordinals-inscribed assets rapidly gained traction within the broader blockchain community.
After a brief lull in inscription activity in October, Binance’s decision to list ORDI on November 7th reignited enthusiasm for these assets.
Data from Dune Analytics reveals that since the protocol’s inception, more than 48 million Ordinals assets have been inscribed, resulting in over $146.9 million in fees paid to the Bitcoin network.
Notably, on November 20th, transaction fees on the Bitcoin network surpassed those of Ethereum, primarily due to a rush to inscribe new NFTs and BRC-20 tokens.
Furthermore, on November 17th, the Ordinals-based project Taproot Wizards announced a successful $7.5 million seed round, underlining the growing interest and investment in the Bitcoin Ordinals ecosystem.
The remarkable rise of ORDI underscores the potential of innovative blockchain protocols to disrupt and reshape the digital asset landscape.
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