ORDI Token Becomes First BRC-20 Token to Surpass $1 Billion Market Cap with Triple-Digit Gains

ORDI Token Becomes First BRC-20 Token to Surpass $1 Billion Market Cap with Triple-Digit Gains

Crypto News – The ORDI token, based on the Bitcoin Ordinals protocol, has achieved a remarkable milestone by becoming the first BRC-20 token to surpass a $1 billion market capitalization. This achievement comes on the heels of a period of extraordinary monthly and weekly gains.

On December 5th, ORDI reached a new all-time high, trading at over $65, marking an astonishing 850% surge from its value of approximately $6.80 on November 5th, as reported by CoinGecko. Over the past seven days alone, ORDI has seen a 216% increase in its value.

This sudden surge in the price of ORDI propelled it to be the first BRC-20 token to attain a $1 billion market cap on December 5th, and at the time of writing, it boasts a market cap of $1.3 billion. Although it has dipped slightly from its peak, trading at just under $61, it still represents an incredible 2,000% increase from its all-time low of $2.86 on September 11th.

Bitcoin Ordinals, introduced by Casey Rodarmor in January, introduced a groundbreaking protocol that allowed for the inscription of content onto the Bitcoin blockchain. This included nonfungible tokens (NFTs) and the creation of entirely new tokens utilizing the BRC-20 token standard.

The assets inscribed using Ordinals rapidly gained popularity within the broader blockchain community. After a brief period of decreased activity in October, the decision by Binance to list ORDI on November 7th seemed to reignite enthusiasm for these assets.

According to data from Dune Analytics, more than 48 million Ordinals assets have been inscribed since the protocol’s inception, resulting in more than $146.9 million in fees paid to the Bitcoin network.

On November 20th, transaction fees on the Bitcoin network surpassed those of Ethereum, driven by a rush to inscribe new NFTs and BRC-20 tokens. Furthermore, on November 17th, the Ordinals-based project Taproot Wizards announced a successful seed round, securing $7.5 million in funding.