ORDI, a BRC-20 token, soars by 30% during Christmas
Casey Rodarmor’s Ordinals Protocol native token experienced significant price growth during the holiday season, along with other BRC-20 cryptocurrencies. In just 24 hours, ORDI saw a rise of up to 37% on December 25th, with its trading volume and market capitalization following suit. Traders exchanged over $900 million worth of the crypto, marking a 131% increase compared to the previous day.
Currently, ORDI is valued at $72 per token, with its market cap reaching over $1.5 billion. Interestingly, there was no specific news or development that preceded this price movement. However, several other Bitcoin inscription coins also saw gains, suggesting a period of profit rotation.
ORDI is built on the Bitcoin Request for Comment (BRC-20) token standard, which was created by the pseudonymous developer Domo. The goal of this standard is to enable the transfer of assets on the Bitcoin network by allowing users to create and trade tokens, similar to ERC-20 tokens on Ethereum and the decentralized finance ecosystem.
The Ordinals Protocol, along with its native asset, was initiated by Casey Rodarmor and is regarded as one of the first Bitcoin inscriptions. The project began in the first half of 2023 and has since become a billion-dollar crypto asset. CoinGecko reports that other BRC-20 tokens have also been released, leading to a combined market cap exceeding $2.1 billion.
Despite the growing popularity of Bitcoin inscriptions and similar activities on other top-tier blockchains, some developers consider the token standard to be a code bug and advocate for its removal from the leading decentralized network in the crypto space.
Luke Dashjr, a Bitcoin Core developer, has branded inscriptions as a fraud and proposed upgrades to address BRC-20 issuance on the Bitcoin network. This issue has also been reported to U.S. authorities and has been recognized as a vulnerability by the National Vulnerability Database.
Despite the controversy, inscriptions continue to gain traction across various blockchains, occasionally causing substantial transfer fees and network disruptions.
