ORDI to the moon. Anything close to Bitcoin currently seems to arouse desire. To the point of wondering if the current rise in BTC is a return already effective during a bull run period or a simple hype driven by the expectation of approval of spot ETFs. Either way, the cryptocurrency market is booming. Just look at the increase made by the BRC-20 token Bitcoin Ordinals (ORDI) over the last few weeks. It therefore becomes the first of its kind to exceed a capitalization of 1 billion dollars.
Bitcoin Ordinals (ORDI): the most popular of the BRC-20
This article started by choosing the “Bitcoin” category and then add the subcategory “altcoins” to it. A heresy for maximalists and other bitcoiners. But a fairly simple and significant summary of what can represent the Bitcoin Ordinals (ORDI) token.
Indeed, the economic model of the Ethereum network applied to the Bitcoin blockchain recently gave birth to BRC-20 tokens. New generation “shitcoins” including market share quickly exceeded $1 billion last May. Only two months after their official launch.
And among this new class of tokens established on the Bitcoin blockchain, the now emblematic Bitcoin Ordinals (ORDI). A project launched in March of this year by the pseudonym Domo. All without any kind of road map or fundamentals worthy of supporting its success. But it was without counting on the definitely “shitcoin” aspect of these BRC-20 tokens.
ORDI: the first BRC-20 at $1 billion
THE recent bullish movements in Bitcoin seem to carry with them other tokens associated in spite of themselves with this dynamic. This is particularly the case for the BRC-20 COMPUTERat the head of a fairly spectacular surge in more than 860% over the last month. With a price passing over this period of $6.75, on November 5, at over $65 during its last historic peak on December 5.
An explosive rise that projected the capitalization of the ORDI token above the symbolic mark of 1 billion dollars. A historic first for the BRC-20 sector. But a trend that is obviously short-lived. Indeed, after briefly exceeding 1.36 billion dollars yesterday, it is currently at $873.85 million. Or an equally rapid drop in 35% over the last 24 hours.
Possible cause of this almost immediate return to decline, theannouncement from the developer of Bitcoin Core Luke Dashjr carried out a few hours ago on the X network. This regarding a “vulnerability exploited” by the Ordinals registration process which could well be corrected soon. And some already fear – or hope – the planned death of these NFTs made in Bitcoin.
This recent decline recorded by the ORDI token could be a simple correction ultimately quite logical, given the significant increase in recent weeks. But the timing with the publication of Luke Dashjr remains interesting to observe. Because despite a significant increase in their market shares, Ordinals remain a major point of contention in the ranks of the Bitcoin community. And their deployment on EVM blockchains suggests that they left to stay.