Following a massive surge, ORDI became the first BRC-20 token to surpass $1 billion in market cap.
The Bitcoin-based ORDI token has become the first BRC-20 token to surpass $1 billion in market cap after posting triple-digit monthly and weekly percentage gains.
According to CoinGecko, ORDI hit an all-time high of over $65 on Dec. 5, surging more than 850% from around $6.80 on Nov. 5. ORDI is up 216% in the past seven days.
ORDI’s sudden price surge made it the first BRC-20 token to reach a $1 billion market cap on December 5. At the time of writing, it is valued at $1.3 billion.
ORDI has retreated slightly from its highs and is currently trading below $61, but is still up more than 2,000% from its all-time low of $2.86 on September 11.
Bitcoin Ordinals was first introduced by Casey Rodarmor in January. The protocol allows content to be written to the Bitcoin blockchain, including non-fungible tokens (NFTs) and entirely new tokens using the BRC-20 token standard.
Ordinal assets have quickly gained popularity among the wider blockchain community. After a brief dip in registration activity in October, Binance’s decision to list ORDI on November 7 appears to have reignited enthusiasm for the asset.
According to Dune Analytics, more than 48 million Ordinals assets have been recorded since the protocol’s inception, and more than $146.9 million in fees have been paid to the Bitcoin network.
On November 20, transaction fees on the Bitcoin network flipped Ethereum’s transaction fees due to the craze for new NFTs and BRC-20 tokens.
In addition, on November 17, Taproot Wizards, a project based on Ordinals, announced that it had received $7.5 million in seed round financing.
