The value of ORDI, which is constructed using the Bitcoin BRC-20 benchmark, hit a new all-time high Friday as it nears the top 50 cryptocurrencies by market capitalization.
The biggest BRC-2o asset hit a new high of $81.96, CoinGecko reported. Since then, the selloff has suffered and is down more than 11%. It is now trading at $73.92, a 6% jump over the past 24 hours, and ranks as the 56th largest cryptocurrency by market capitalization.
During the week, however, it was one of the top performing cryptocurrencies with an overall seven-day increase of 45%. The price action reflects investors' continued interest in NFT-style derivatives on the Bitcoin network.
Assets have been one of the hottest crypto crazes this year as investors snap up images and text stored on the digital asset industry's oldest and largest blockchain. The Ordinals protocol has been adapted to arm fungi via the BRC-20 standard, enabling multiple token waves, including token coins.
ORDI was first developed. And with a market cap of $1.55 billion along with a list of major crypto exchanges, it's the biggest ticker on Bitcoin yet.
What is the benefit of ADN? Interest is largely speculative at the moment, but the asset shows how the Bitcoin network can be used to create digital tokens – just like other major blockchains.
But in Ordinals and BRC-20 they come down crazy: Bitcoin transaction fees shot up again in the last few days.
According to Bitinfocharts data, right now, the average price to send Bitcoin is $24.10. Because more people will use the Bitcoin blockchain to make transactions related to the standard, the network will become clogged and more expensive.
Earlier this month, the average cost to send bitcoins hit a more than two-and-a-half-year high of 37.58. This has led some members of the Bitcoin community to say that the Ordinals are “spam” and stop people who might be using Bitcoin to send money.
Bitcoin itself was down slightly on the day, falling about 1% to its current price of $41,985.
Edited by Andrew Hayward.
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