The ORDI token price has risen by 48% in the last 24 hours, at a time when BRC-20 tokens are recovering and seeing renewed interest on the Bitcoin blockchain. What happened to make the ORDI token climb so suddenly?
Return of the Ordinals? ORDI token price rises 50%
Ordi token price rises 50
The price of the ORDI token, one of the BRC-20 tokens linked to the Bitcoin Ordinals protocol, which caused quite a stir when it was introduced last May, has suddenly risen by 48% in the last 24 hours. The reason? The world’s largest cryptocurrency exchange, Binance, announced that it had proceeded with its listing.
– Binance (@binance) November 7, 2023
As of today, the ORDI token is available for trading on the pairs ORDI/BTC, ORDI/USDT and ORDI/TRY on Binance. Via its press release, Changpeng Zhao’s exchange clarified that ORDI was listed with the “seed” label, meaning that the token is relatively recent and therefore particularly subject to the volatility of the crypto market.
“ORDI is a relatively new token that carries a higher than normal risk and, as such, is likely to be subject to high price volatility. Please ensure that you carry out sufficient risk management, have done your own research into ORDI’s fundamentals and fully understand the project before opting to trade the token. “
The ORDI token enjoys pioneering status, being the first token meeting the BRC-20 standard to be introduced on the Bitcoin blockchain. Thanks to the Ordinals protocol, BRC-20 tokens enable data to be written to Bitcoin using satoshis, the divisions of Bitcoins.
In other words, Ordinals makes it possible to store images, text and audio clips, as well as security tokens, stablecoins and even smart contracts on Bitcoin. To find out more about the Ordinals protocol and gain a better understanding of the BRC-20 standard, we invite you to read our dedicated fact sheet on the subject.
BRC-20 tokens still in vogue
That’s all it took for the price of the ORDI token to return to its May level, as it took advantage of Binance’s announcement to exceed the symbolic $10 threshold.
In terms of adoption, ORDI is the 8th token to meet the BRC-20 standard in terms of number of transactions, with around 183,000 transactions to its credit and 14,000 holders.
BRC-20 tokens have been on a roll lately, and this has led to an increase in Bitcoin transaction fees, which are currently approaching the $6 mark.
What’s more, since BRC-20s add a considerable amount of transactions for miners to process, Bitcoin’s mempool is becoming congested. At the time of writing, over 120,000 transactions are awaiting confirmation, according to mempool data.
An opportunity for Bitcoin miners, who naturally see their revenues increase during these busy periods.