"ORDI Token, Based on Bitcoin's Ordinals Protocol, Skyrockets to Record Highs"
As Bitcoin continues its ascent, the primary BRC-20 token established on Bitcoin's Ordinals protocol, ORDI, has witnessed an astounding surge, doubling in value over the past week and setting a new all-time high overnight.
CoinGecko data indicates that the token hit a peak price of $44.03 late Sunday, later stabilizing at around $41.50 at the time of writing. Despite a minor pullback, ORDI has surged by 28% in the past 24 hours and an impressive 114% in the last seven days. Over the last month, ORDI has skyrocketed by an astonishing 549%.
The Ordinals protocol, introduced at the beginning of 2023, facilitates the "inscription" of media, such as artwork and videos, onto the Bitcoin blockchain, similar to NFTs on other blockchain networks. Utilizing this protocol in March, pseudonymous creator Domo launched the first fungible tokens via the BRC-20 standard, with ORDI as the inaugural token.
ORDI has observed significant adoption, notably by exchanges like Binance and OKX, with gradual price increases coinciding with these incorporations. However, its most significant surge occurred in the past week, resulting in a doubled price.
This surge aligns with Bitcoin's rally to a 20-month high, surpassing $42,000 early Monday after crossing the $40,000 mark on Sunday. This marks Bitcoin's highest price since the launch of ORDI and the BRC-20 standard in March. Bitcoin presently stands at approximately $41,700, marking a 20% increase over the past month.
While ORDI remains the largest BRC-20 token according to CoinGecko, other tokens have also observed substantial gains recently. DOMO, named after the BRC-20 creator, surged by 1,098% in the past week to $1.18, while the PEPE token on BRC-20 increased by 107% this week, reaching a price above $0.13 per token.
