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
