Binance Research told Cointelegraph that BRC-20 token listings on major exchanges helped propel the market.
Crypto exchange Binance’s research arm highlighted the growth of BRC-20 tokens in its latest report, arguing that it’s one of the most important narratives of 2023 despite many being skeptical about Ordinal’s place in the Bitcoin ecosystem.
In its latest report, Binance Research said BRC-20 tokens ushered in a “new era” for Bitcoin. The BRC-20 token standard, created early in March 2023, became very popular last year as meme tokens like Pepecoin (PEPE) were created using the standard. According to Binance, Bitcoin Ordinals inscriptions and BRC-20 tokens impacted Bitcoin’s growth and dominance in 2023.
Within the report, Binance noted that Bitcoin increased its market dominance from 40.4% to 50.2%, allowing the network to take over half the total market capitalization in the crypto space. The researchers highlighted that the network’s activity was “clearly impacted” by inscriptions and BRC-20 tokens, highlighting an increase in Bitcoin’s mempool transaction count.
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Source: https://cointelegraph.com/news/binance-research-report-brc-20-bitcoin-ordinals-2023