ORDI
+18.98%
, a Bitcoin-based BRC-20 token, shot up by 35% on Tuesday amid a broader crypto rally and recent resurgence of activity related to the Ordinals protocol.
The token is up by more than 700% over the last month. It was trading for $63.82 at 3:04 p.m. ET, according to The Block data.
At one point on Tuesday, ORDI hit an all-time high of about $65. It’s market cap currently stands at $1.3 billion.
Bitcoin-based tokens
Bitcoin-based tokens are still largely novel. The Ordinals mechanism set the stage for the development of both fungible tokens, like BRC-20 tokens, and non-fungible tokens that frequently showcase digital art.
While Ordinals trading fell substantially in October after activity peaked during the previous month, activity rebounded following Binance’s announcement it would list ORDI. In August, Binance Pool launched its Ordinals Inscription Service, which makes it easier for users to inscribe additional data onto the Bitcoin blockchain.
Developing on Bitcoin has been gaining steam all year, including a range of projects like the Bitcoin-focused Ordinals project Taproot Wizards and Outlier Ventures accelerator program starting in early 2024.
Source: The Block
