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- Bitcoin Ordinals built using the BRC-20 tokens are growing remarkably in popularity.
- With top exchange support, they are on track to be the next big sensation.
Bitcoin network’s BRC-20 tokens are relatively new compared to other token standards, and it is interesting to see how they are being developed and used on the Binance Smart Chain.
ORDI, the first BRC-20 token created on the Binance Smart Chain, appears to be gaining traction after being listed on major platforms including Crypto.com and Gate.io. As of the time of writing, the altcoin is trading at $19.58 with a market cap of over $411 million according to data from brc-20.io, which monitors the developing token market for the Bitcoin blockchain.
🔸Trading Pair: $ORDI/ $USDT
🔸Trading Starts: 02:00 AM, May 8 (UTC)Trade: https://t.co/ExBA5etVlI
Deposit: https://t.co/HfIxOcAgMLMore: https://t.co/2RcrH9D77F pic.twitter.com/mPx63DTwnw
— Gate.io (@gate_io) May 7, 2023
Following its release on major exchanges, the market cap of BRC-20 tokens has increased significantly as traders drive up the price of Bitcoin-based ORDI, MEME, and other related tokens.
Interestingly, the BRC-20 token standard appears to be similar in functionality to the ERC-20 token standard on the Ethereum blockchain. It is based on a decentralized blockchain network that enables peer-to-peer transactions without the use of intermediaries.
Furthermore, it is an example of how BRC-20 tokens can be used to create new applications and services on the Binance Smart Chain.
Overall, the growing popularity of BRC-20 tokens is having an effect on Bitcoin transactions. According to a Dune Analytics dashboard, 65 percent of Bitcoin transactions on Sunday were tied to BRC-20 tokens, while big crypto exchange Binance temporarily blocked Bitcoin withdrawals owing to network congestion.
Is ORDI On the Verge of Million Dollar Valuation?
Whether the ORDI has the potential to generate a million-dollar valuation will depend on certain variables such as the project’s team, supply, market sentiments, and future adoption and use cases.
According to the referenced data, the current market capitalization of ORDI is relatively high, indicating that the token has garnered significant interest from investors.
Additionally, the fact that all the tokens have already been minted and are in circulation may indicate that there is limited new supply coming into the market, which could potentially drive up the price of the token if demand remains high.
On the other hand, ORDI’s trading volume in the recent 24 hours appears to be lower than its market capitalization, implying decreased trading activity or liquidity. Notably, a lack of information about the token’s project, team, and use cases may limit its long-term adoption and growth potential.
However, we have seen a broader resiliency with some impressive tokens, particularly memecoins, supporting the industry’s newfound vigor. For instance, the PEPE, a popular Internet meme, has created quite a stir in the cryptocurrency market. Remarkably, an early investor turned $250 into $1.14 million in just four days of its release.
Overall, the industry has great hopes for ORDI and anticipates that the token continues charting its bullish growth following its listing by the top exchanges.
