Bitcoin Ordinals ORDI token tops $1B market cap after 850% monthly gain.
The ORDI token based on Bitcoin Ordinals has become the first BRC-20 token to increase its market capitalization of $1 billion after achieving triple-digit monthly and weekly percentage gains.
ORDI hit a new all-time high above $65 on December 5, up more than 850% from around $6.80 on November 5, according to CoinGecko data. ORDI is up 216% in the last seven days.
ORDI's price hike saw it become the first BRC-20 token to reach a market cap of $1 billion on December 5. As of this writing, it is worth $1.3 billion.
ORDI is down slightly from its highs and is trading below $61, which is still more than 2,000% from its September 11 low of $2.86.
Bitcoin Ordinals was first launched in January by Casey Rodermore. The protocol is allowed to write content on the Bitcoin blockchain, including non-fungible tokens (NFTs) and entirely new tokens using the BRC-20 token standard.
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Formally written assets have quickly gained popularity among the wider blockchain community. After a brief lull in crypto activity in October, Binance's decision to list ORDI on November 7 appears to have revived enthusiasm for its assets.
According to data from Dune Analytics, since the protocol's launch, more than 48 million Ordinals assets have been registered and more than $146.9 million have been paid to the Bitcoin network.
In the year On November 20, transaction fees on the Bitcoin network were reversed amid Ethereum's rush to mint new NFTs and BRC-20 tokens.
Additionally, on November 17, Ordinals-based project Taproot Wizards announced a $7.5 million seed round.
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