ORDI is the First BRC-20 Token to Top $1 Billion Market Cap

The largest BRC-20 token belonging to the Ordinals ecosystem, ORDI, has been on a moonshot over the past month.

Registering a near 1,000% increase in market capitalization since Nov. 5, the token sailed past $1 billion yesterday, topping off at $1.1 billion according to data from Coingecko.

The surge in ORDI’s popularity shows that Ordinals is quickly becoming one of the largest ecosystems within the Bitcoin network. Since launching in January 2023, a plethora of projects and tokens have been built on the platform, consistently driving transactions and user activity over the year.

Bitcoin Ordinals are similar to NFTs on Ethereum. They allow for arbitrary data to be inscribed onto the lowest denomination of a Bitcoin (known as a satoshi), leading to a flurry of images, and text to be inscribed.

Ordinals’ innovation also spawned BRC-20s, such as ORDI, as a token standard that allows for fungible tokens to be minted on Bitcoin.

$ORDI Price

Although it dropped slightly overnight, the token remains over the ten-figure mark, and finds itself ranked #62 on the price aggregator’s market cap list.

The token’s price has also soared, more than doubling over the weekend, currently changing hands at $49.47, notching a 21% spike in the past twenty four hours. ORDI has seen near-vertical price movements over the past thirty days, pumping more than 600%, as per Coingecko.

Trading volumes also accompany the meteoric rise in both token value and market cap. The ecosystem has been heavily bought and sold over the past 24 hours, with $957 million changing hands.

As 2023 winds down, and with it, the hopes of an end to the protracted bear market,

ORDI’s success comes amid a widespread market rally which has seen Bitcoin and ETH surge to yearly highs.