ORDI token, based on Bitcoin's ordinal numbers, has achieved a remarkable feat by becoming the inaugural BRC-20 token to surpass a market capitalization of $1 billion. This milestone was achieved following an extraordinary surge in its value, with triple-digit percentage gains recorded on both monthly and weekly scales.
Reaching an all-time high of over $65 on December 5, the ORDI token soared by more than 850% from its valuation of around $6.80 on November 5, as per CoinGecko data. Over the span of seven days, ORDI experienced a substantial surge of 216% in value.
On December 5, ORDI's price spike propelled it into the exclusive league of BRC-20 tokens with a market cap exceeding $1 billion. Presently, its valuation stands at $1.3 billion, having slightly retreated from its peak to trade under $61, although still reflecting an impressive surge of over 2,000% from its all-time low of $2.86 registered on September 11. Bitcoin Ordinals made its debut in January, pioneered by Casey Rodarmor. The protocol facilitates the recording of content onto the Bitcoin blockchain, encompassing non-fungible tokens (NFTs) and entirely new tokens utilizing the BRC-20 token standard. The advent of Ordinal-recorded assets swiftly gained traction within the broader blockchain community. Binance's decision to list ORDI on November 7 seemingly revitalized interest in the asset following a brief slowdown in booking activity witnessed in October.
Since its inception, more than 48 million Ordinal assets have been recorded through the protocol, with over $146.9 million paid in fees to the Bitcoin network, according to data from Dune Analytics.
Significantly, on November 20, transaction fees on the Bitcoin network surpassed those of Ethereum due to the fervor surrounding new NFTs and BRC-20 tokens. Moreover, on November 17, Taproot Wizards, an Ordinals-based project, announced a successful $7.5 million seed round, further underlining the growing significance and interest in assets associated with the Ordinal protocol.
