The native token of Casey Rodarmor’s Ordinals Protocol recorded a double-digit price rise in a 24-hour period over the holidays, along with other BRC-20 cryptocurrencies.
According to CoinMarketCap, ORDI rose 37% on December 25th with daily trading volume and market capitalization moving in tandem. Traders exchanged more than $900 million worth of cryptocurrencies, up 131% from the previous day.
The cryptocurrency has a price tag of $72 per token, as its market cap has increased by 35% and surpassed $1.5 billion at press time. Several other Bitcoin (BTC) epitaph coins were also pumped during what could be a profit cycle period, although there was no significant news or development ahead of the price move.
Bitcoin’s Ordinal Number
ORDI is based on the Bitcoin Request for Comment (BRC-20) token standard developed by anonymous developer Domo. The idea is to enable transferable assets on the BTC network by allowing users to create and trade tokens on the largest blockchain in cryptocurrencies, similar to Ethereum (ETH)’s ERC-20 cryptocurrency and the defi ecosystem.
Casey Rodarmor launched the Ordinals protocol and native asset, which is considered one of the first Bitcoin inscriptions. The project was launched in the first half of 2023 and has since grown into a multi-billion dollar cryptocurrency asset. Other BRC-20 tokens have also been issued, and this cryptocurrency category now boasts a market capitalization of over $2.1 billion, according to CoinGecko.
Despite Bitcoin Inscription’s growing popularity and similar activity on other top blockchains, some developers believe the token standard is a code bug and argue that it should be kicked out of the cryptocurrency’s main decentralized network.
Bitcoin Core developer Luke Dashjr called the inscription a scam and proposed a network upgrade to prevent the issuance of BRC-20 on the BTC network. This issue has also been reported to US authorities and has been recognized as a vulnerability by the National Vulnerability Database.
Nonetheless, Inscriptions continue to gain steam across multiple blockchains, sometimes causing huge transfer fees and spikes in network outages.