ORDI, the leading token of the Bitcoin Ordinals protocol, has reached a new all-time high of $44.03 on Sunday, December 4, 2023, amid the bullish rally of Bitcoin. The token has seen a staggering 549% increase in the past month, making it one of the top 50 cryptocurrencies by market capitalization.
Bitcoin Ordinals is a protocol that allows users to embed data into the Bitcoin blockchain, such as digital art, videos, and memes. These data are called inscriptions and they can be used to create non-fungible tokens (NFTs) on Bitcoin, similar to those on other blockchains like Ethereum and Solana.
ORDI is the first and the most popular token that was created using the Bitcoin Ordinals protocol and the BRC-20 standard, which enables the issuance and transfer of fungible tokens on Bitcoin. ORDI was launched in March 2023 by a pseudonymous developer named Domo, who also introduced the BRC-20 standard.
ORDI is used to pay for the fees of creating and transferring inscriptions on the Bitcoin Ordinals protocol. It is also used as a governance token that allows holders to vote on the future development and direction of the protocol.
Why is ORDI surging?
ORDI has benefited from the increasing adoption and recognition of the Bitcoin Ordinals protocol and the BRC-20 tokens. Since its launch, the protocol has attracted over 38 million inscriptions, generating over $77 million worth of bitcoin in developer fees, according to Dune Analytics.
ORDI has also gained exposure and liquidity from being listed on several major crypto exchanges, such as Binance, OKX, and Huobi. Binance, the world’s largest crypto exchange by trading volume, listed ORDI as an emerging project under the “seed” tag in November, warning users to expect high volatility and risk around the token.
ORDI’s price surge has also been influenced by the rising price of Bitcoin, which has broken past the $40,000 level for the first time since March 2023. Bitcoin is up 20% in the past month, reaching a high of $42,000 on Monday, December 5, 2023. As Bitcoin grows, so does the demand and value of the tokens built on its network.
What are the other BRC-20 tokens?
ORDI is not the only BRC-20 token that has seen significant growth in the past month. Several other BRC-20 tokens have also posted impressive gains, such as:
- DOMO, the token named after the creator of the BRC-20 standard, which is up 1,098% in the past week, trading at $1.18 per token.
- PEPE, the token inspired by the popular internet meme, which is up 107% in the past week, trading at $0.13 per token.
- TRAC, the token that tracks the carbon footprint of Bitcoin transactions, which is up 67% in the past week, trading at $0.21 per token.
These tokens demonstrate the diversity and creativity of the Bitcoin Ordinals protocol and the BRC-20 standard, which enable users to create and use various types of tokens on Bitcoin.
ORDI and the other BRC-20 tokens are still relatively new and experimental projects that pose a higher-than-normal risk and volatility compared to other established cryptocurrencies. Users should exercise caution and do their own research before investing or trading these tokens.
