• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
BRC-20 Tokens Lose 40% Market Cap In 7-days

BRC-20 Tokens Lose 40% Market Cap In 7 Days – Here’s Why

Olowoporoku Adeniyi by Olowoporoku Adeniyi
3 weeks ago
in Bitcoin
Reading Time: 2 mins read

The crypto market has been looking to consolidate following a major price correction earlier in the week. One market that has felt the brunt of this correction is BRC-20 token which has suffered a major dip in its market cap. 

According to brc-20.io, which tracks the nascent market for tokens minted on the Bitcoin blockchain, the market cap of all BRC-20 tokens between May 8 and 11 went from $990,000,000 to $379,000,000, a 62% drop. At the time of writing, the market cap of BRC-20 tokens has rebounded and is around $570,000,000, making it a 40% dip within the seven-day trading period. 

Related Reading: Bakkt Streamlines Apex Crypto Platform By Removing 25 Tokens

The BRC-20 market is largely tied to the capitalization of ORDI token, which dominates more than 80% of the trading volumes. At the time of writing, it is currently trading around $15, down from its all-time high price of $28, achieved earlier in the month. The importance of ORDI in this market means that price variations directly and considerably affect the market cap of BRC-20 tokens. 

 

Ordi tokens dominates with more tha 80% of the BRC-20 MarketCap
Ordi tokens dominate with more than 80% of the BRC-20 MarketCap: source @brc-20.io

A Deep Dive Into BRC-20 Token 

BRC-20 is an experimental standard for issuing and transferring fungible tokens on the Bitcoin network. The deployment, issuance, and transfer of these tokens is done via a JSON data entry. Hence its relationship with the NFT Ordinals of Bitcoin. 

The creation of this standard is credited to a developer known as Domo on Twitter. On March 8, the computer scientist announced his progress in this area and acknowledged that it would be difficult for him to take this test further. For this reason, he preferred to share the project with others to experiment with. Since then, the ecosystem has exploded, with more than 14.000 tokens launched, according to brc-20.io.

Although the name BRC-20 is a reference to Ethereum’s ERC-20 standard. However, both standards differ in several of their characteristics, especially due to the differences between the networks in which they work, Bitcoin and Ethereum.

First of all, Bitcoin’s BRC-20 tokens do not have the ability to interact with smart contracts, while ERC-20s do. Other limitations of the BRC-20 tokens compared to those of Ethereum is that they cannot have decimals, be burned or frozen, and have additional functions such as approval or delegation.

Related Reading: PayPal Plunging Despite Increasing Crypto Holdings

BRC-20 Tokens Not Without Controversy

Some Bitcoin maximalists have criticized the growing popularity of BRC-20 tokens due to their effect on the Bitcoin network. There has been growing congestion on the Bitcoin network, and it broke the record for the average number of transactions processed per block with an astonishing 4,373 transactions, marking an all-time high. Nevertheless, proponents of this token standard argue that it expands the Bitcoin blockchain to new possibilities and provides new use cases for the leading cryptocurrency. 

Bitcoin hovering close to the $27,000 mark
Bitcoin hovering close to the $27,000 mark: source @tradingview

-Featured Image from iStock, charts from brc-20.io and Tradingview

Tags: bitcoinBRC-20ORDIOrdinals
Tweet123Share196ShareSend
Olowoporoku Adeniyi

Olowoporoku Adeniyi

Olowoporoku ''Crypto Evangelist'' Adeniyi is a crypto educator, content creator, and analyst who is a news reporter for NewsBTC. Adeniyi has an extensive background in the crypto niche and has covered the blockchain space since 2017. He has held several events in the past and written articles ranging from technical analysis to oped pieces. Adeniyi is a lover of financial freedom and preaches the ideals of crypto to promote remittance payment that can help developing countries close the financial inclusivity gap. Adeniyi's an avid lover of football and a Man City supporter. He also owns tokens spread across different crypto ecosystem. You can follow him on twitter @crypevangelist or find his youtube channel for more analysis

Related Posts

Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

4 days ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

5 days ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

5 days ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

5 days ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

1 week ago
Bitcoin

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    2 days ago
  • Willing to buy new crypto: Here are the best 10...

    3 days ago
  • Best Crypto Meme Coin Presales in 2023

    3 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Don’t get dumped on buying DOGE or SHIB, Avorak has...

    13 hours ago
  • Crypto Enthusiasts Believe DigiToads (TOADS) and Aave...

    13 hours ago
  • Investors Seeking High-Yield Cryptocurrency Investments...

    13 hours ago
  • Choosing the best Forex broker | A Comprehensive Guide

    17 hours ago
  • LUNC developers showcase Parity Upgrade Roadmap and...

    18 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.