The BRC-20 token ORDI, which is based on Bitcoin, up 181% today amid a broader cryptocurrency boom and a recent increase in activity around the Ordinals protocol.
According to the latest data, the token’s trading volume has increased by more than 900% in the past 30 days.
The ORDI coin has been on a downward trend since its introduction to the market. The price started trading around $10 in June this year and gradually fell back to just under $3 by mid-September.
Strong performance: the BRC-20 Token ORDI
The token’s decline marked the bottom and the start of the subsequent bull market, which drove the price to an all-time high of $66 on November 5.
In recent days we have seen a phenomenal increase in the price of ORDIand since Bitcoin has recently performed well and crossed $44,000, ORDI is also rising rapidly.
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 market cap of $1 billion.
Tokens based on Bitcoin are relatively new to the digital currency space. These tokens use the Bitcoin network to produce a variety of digital assets, unlike Bitcoin, which is mostly used as electronic money. This change expands the use of blockchain applications beyond Bitcoin’s original intent.
Casey Rodarmor introduced the first version of Bitcoin Ordinals in January. The protocol made it possible to add content to Bitcoin’s blockchain.
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.
This creative process has been particularly instrumental in the development of BRC-20 tokens, a class of fungible tokens with characteristics similar to those of Ethereum’s ERC-20 standard.
Like BRC-20s, fungible tokens are interchangeable and often linked to simpler use cases, such as enabling various decentralized applications and transaction processing.
Source: CoinCodex
BRC-20 coin ORDI and the revival of Bitcoin
Trading in Ordinals dropped significantly in October after peaking the previous month, but picked up again when Binance declared it will list ORDI.
The Ordinals Inscription Service, which Binance Pool introduced in August, makes it easier for users to inscribe additional data on the Bitcoin blockchain.
In case investors observe saturation and sell to book profits, ORDI’s price is expected to find some support at $60.
Since the meme coin now follows Bitcoin’s price movement, BTC’s rise will eventually stop, which would lead to additional selling by investors looking to validate their gains.
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