This BRC-20 Token Just Breached $1 Billion Market Cap With 180% Rally Today – Details

Christian Encila

1 year ago

3 mins read

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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.

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.

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: TradingView.com

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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.