Bitcoin Token ORDI Reached a New Peak and Approached the Top 50 Coins
The price of ORDI, by far the most valuable token minted using the Bitcoin BRC-20 standard, reached an all-time high on Friday, moving ever closer to the top 50 cryptocurrencies by market cap.
The largest BRC-2o asset reached a new peak price of $81.96, according to CoinGecko. It has since experienced a sell-off, falling over 11%. It is currently trading at $73.92, up 6% in the last 24 hours, and ranks as the 56th largest cryptocurrency by market cap.
But over the course of the week, it was one of the best-performing cryptocurrencies, with a seven-day total gain of 45%. The price action reflects investors’ interest in Ordinals, which are NFT-style inscriptions on the Bitcoin network.
The assets have become one of this year’s hottest crypto crazes as investors snap up images and text stored on the digital asset industry’s oldest and largest blockchain. The Ordinals protocol was adapted to power fungible tokens through the BRC-20 standard, enabling a wave of tokens including meme coins.
ORDI was the first to be printed. And with a market cap of $1.55 billion plus listings on major crypto exchanges, it is by far the largest token in Bitcoin.
What is ORDI’s purpose? Demand is largely speculative at the moment, but the asset also demonstrates how the Bitcoin network, like many other major blockchains, can be used to mint digital tokens.
But the Ordinals and BRC-20 craze also has its downsides: Bitcoin transaction fees have increased again in the last few days.
According to Bitinfocharts data, the average cost of sending Bitcoin is currently $24.10. This is because as more people use the Bitcoin blockchain to make transactions related to Ordinals, the network becomes congested and therefore more costly.
Earlier this month, the average cost of sending Bitcoin reached a two-and-a-half-year high of $37.58. This has led some in the Bitcoin community to claim that Ordinals are “spam” and block those who might benefit from sending cash using Bitcoin from doing so.
Bitcoin itself also fell slightly on the day, falling about 1% to the current price of $41,985.
Edited by Andrew Hayward
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