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The Bitcoin (
$75,112.00 ) (BTC) Ordinals-based ORDI token has become the first BRC-20 token to top a $1 billion market capitalization after staging triple-digit monthly and weekly percentage gains.
ORDI notched a new all-time high of over $65 on Dec. 5, surging more than 850% from around $6.80 on Nov. 5, per CoinGecko data. ORDI is up 216% in the last seven days.
The sudden ORDI price uptick saw it become the first BRC-20 token to reach a $1 billion market cap on Dec. 5, it currently commands a value of $1.3 billion.
ORDI has dropped slightly from its high and is trading for under $61, which is still an over 2,000% increase from its Sept. 11 all-time low of $2.86.
Bitcoin ( $75,112.00 ) Ordinals was first launched in January by Casey Rodarmor. The protocol allowed for inscribing content onto the Bitcoin ( $75,112.00 ) blockchain, including nonfungible tokens (NFTs) and entirely new tokens using the BRC-20 token standard.
Related: Riot Platforms buys $291M in BTC rigs as miners rake it in from Ordinals
Ordinals-inscribed assets rapidly gained in popularity with the wider blockchain community. After suffering a brief and sudden decline in inscription activity in October, Binance’s decision to list ORDI on Nov. 7 seemed to reignite enthusiasm for the assets.
$75,112.00 ) Ordinals saw a brief decline in activity in October but quickly rebounded. Source: Dune AnalyticsAccording to Dune Analytics data, more than 48 million Ordinals assets have been inscribed since the protocol’s inception and have seen more than $146.9 million in fees paid to the Bitcoin ( $75,112.00 ) network.
On Nov. 20, transaction fees on the Bitcoin ( $75,112.00 ) network flipped those of Ethereum (
$2,301.30 ) amid a rush to inscribe new NFTs and BRC-20 tokens.
Additionally, on Nov. 17, the Ordinals-based project Taproot Wizards announced a $7.5 million seed round.
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