Last Updated on 2 weeks by cryptoevent
The Bitcoin Ordinals Token Ecosystem has emerged as the latest trend in the cryptocurrency market, led by the enthusiasm surrounding ORDI. In the past 24 hours, the overall capitalization of these tokens has surged by more than 21%, outpacing most other token sectors.
This rise in popularity comes after weeks of intense speculation on Bitcoin’s price, primarily fueled by expectations of approval for a bitcoin exchange-traded fund. The BRC-20 category of tokens, operating on the Bitcoin blockchain, has experienced a remarkable 21% growth as a sector within the last day. Notable performers include infrastructure token trac (TRAC) with a 93% increase, followed by meme (MEME) at 69%, and nals (NALS) at 36%.
The BRC-20 standard, introduced in April, allows users to issue transferable tokens directly through the network for the first time. These tokens, known as inscriptions, operate on the Ordinals Protocol, enabling users to embed data into the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions.
Recently, ordi (ORDI), a token linked to the Ordinals Protocol, was listed on the influential Binance exchange, resulting in a 50% price surge within hours. This listing has fueled bullish sentiment among traders, who see the Bitcoin token ecosystem as a potentially lucrative avenue for profits. Data from Ordinals tracker OrdSpace indicates the existence of over 37,000 BRC-20 tokens as of Thursday.
Simultaneously, popular social applications built on Bitcoin are incorporating in-game tokens to attract new users and boost revenues. Alpha, an application allowing X (formerly Twitter) personalities to issue ‘keys’ for access to a closed group chat, now permits users to offer their own tokens. These in-app tokens, designed to be more affordable than ‘keys,’ enable holders to participate in community games and lottery wheels. Describing itself as a “super app,” Alpha provides users with a decentralized exchange, an NFT marketplace, and a gaming store.