ORDI, by far the biggest BRC-20 token built on Bitcoin's Ordinals protocol, has more than doubled in price over the past week amid Bitcoin's own rising price—and it surged to a new all-time high overnight.
The token set a new peak price of $44.03 late Sunday, according to data from CoinGecko, and has since settled to a current price of about $41.50 as of this writing. Even with the slight pullback, ORDI is up 28% over the past 24 hours, marking a 114% jump in the past seven days. Over the past 30 days, ORDI is up 549%.
ORDI now has a market cap of $873 million, putting it at #65 on CoinGecko's listing of the top cryptocurrencies by market cap. And it's heavily traded too, with the site noting about $859 million worth of trading volume in the past 24 hours.
The Ordinals protocol, launched near the start of 2023, lets users "inscribe" media like artwork and videos to the Bitcoin blockchain, akin to NFTs on other blockchain networks. That protocol was then tapped in March to create fungible tokens via the BRC-20 standard, with ORDI being the first such token deployed by pseudonymous creator Domo.
ORDI has seen substantial adoption in recent months, including by exchanges like Binance and OKX, with gradual price boosts coming alongside such additions. But it has seen its largest surge to date just over the past week, as evidenced by the doubling price.
It comes as Bitcoin hits its highest price in 20 months, popping above $42,000 early Monday after surpassing the $40,000 mark on Sunday afternoon. That's the highest price seen since ORDI and the BRC-20 standard launched in March. Bitcoin is up 20% over the past month at a current price of about $41,700.
ORDI is by far the biggest BRC-20 token on the market, according to CoinGecko—the next largest is TRAC with a market cap just above $76 million, landing at #407 by market cap.
But a number of BRC-20 tokens have likewise posted substantial gains over the past week. DOMO, named after the BRC-20 creator, is up 1,098% over the past week at a current price of $1.18, and the PEPE token on BRC-20 popped 107% this week to a price above $0.13 per token.
Edited by Stacy Elliott.
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Source: Decrypt.co
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