This bitcoin-related token increases by 100% in a week when it experiences high demand

TL; DR

ORDI Token Surge: ORDI, linked to the Bitcoin Ordinals protocol, rose 700% in 30 days, reaching a high of $22.82, but is known for its high volatility. Casual Impact: Enabled NFT-like innovations on Bitcoin via the BRC-20 standard, leading to the rapid growth of digital artwork and meme tokens. Bitcoin Fees Soar: Interest in Ordinals has pushed Bitcoin transaction fees to a six-month high of $15.86, with miners earning huge profits.

According to data from CoinMarketCap, the ORDI token has risen approximately 100% in a week and nearly 700% in the past 30 days.

ORDI is the original ordinal coin from Ordinals, the Bitcoin protocol that provides unique information for individual satoshis (SATs), the smallest denomination of BTC. Bitcoin Ordinals gained popularity at the beginning of the year when Bitcoin entered the NFT space – but it has since waned as market volatility has decreased.

The price of ORDI experienced a significant increase on November 15 to $22.82. Although it dropped a bit, it found support around $20. Its massive speed has attracted the attention of the crypto community. Still, the volatility poses a high risk, which is why Binance warns users to be careful before dealing with the coin.

The Ordinals protocol introduced the BRC-20 token standard, enabling transferable tokens to be issued directly on the Bitcoin network. This has fueled the rapid growth of NFTs – mostly digital artwork – and meme tokens on Bitcoin.

What's more, most Bitcoin beta tokens have seen inflated double- and triple-digit gains over the past seven days. But most of these are low market price memecoins or experimental projects that are subject to high volatility. Ordinary tokens are much stronger than BRC-20 tokens, with ORDI's market cap approaching $500M.

Normal normal demand causes BTC fees to increase

Bitcoin transaction fees, now at a six-month high, have risen more than 2,000% since August's low of $0.64, to an average of $15.86 per transaction. This increase is due to renewed interest in Ordinals Inscriptions, which mimic NFTs.

Transaction fees on the Bitcoin network are at an all-time high now that the rules will be tightened in May pic.twitter.com/aUqU4LL8G7

— Will (@WClementeIII) November 13, 2023

The increase in BTC fees has greatly benefited miners. CryptoPotato reports that Bitcoin miners earned $44 million in block rewards and transaction fees, marking the highest level since April 2022.