The Bitcoin ordinal-backed ORDI token became the first BRC-20 token to surpass $1 billion in market cap after recording triple-digit monthly and weekly percentage gains.
ORDI hit a new all-time high above $65 on December 5, up more than 850% from around $6.80 on November 5, according to CoinGecko data. ORDI is up 216% in the last 7 days.
The sudden price rise of ORDI made it the first BRC-20 token to reach a market capitalization of $1 billion on December 5. As of this writing, this token is worth $1.3 billion.
ORDI has fallen slightly from its highs and is trading below $61. This is still more than 2,000% higher than the all-time low of $2.86 on September 11th.
Bitcoin Ordinals was first launched in January by Casey Rodarmor. The protocol allows content to be inscribed on the Bitcoin blockchain, including non-fungible tokens (NFTs) and entirely new tokens using the BRC-20 token standard.
Related: Riot Platforms buys $291 million in BTC equipment as miners mine at Ordinals.
Ordinal-inscribed assets quickly gained popularity in the wider blockchain community. After a brief decline in listing activity in October, Binance’s decision to list ORDI on November 7 seemed to reignite enthusiasm for the asset.
According to Dune Analytics data, more than 48 million Ordinals assets have been registered since the protocol launched, with more than $146.9 million in fees paid on the Bitcoin network.
On November 20, amid a flurry of moves to mint new NFTs and BRC-20 tokens, transaction fees on the Bitcoin network were replaced with those on Ethereum.
Also on November 17 was the release of Taproot Wizards, an Ordinals-based project. presentation Seed round of $7.5 million.
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