Tech
Bitcoin-Based Ordi Token Takes Cryptocurrency Market by Storm: Everything to Know
The cryptocurrency market is currently in a long-awaited bull phase. Bitcoin, at this point, is trading at $42,450 (around Rs. 35 lakh), which is its highest price in the last nineteen months. Amidst the market excitement, a new crypto token has managed to capture enormous attention. Based on the Bitcoin blockchain, the name of this cryptocurrency is “Ordi” and just like social media sensation Orry Awatramani, this new token has made everyone think about what it does.
The first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token recently hit its all-time high of $65.06 (approximately Rs. 5,422). In the last seven days the price of the token has increased by 148%. Over the past 30 days, the ORDI token is up a whopping 500%, leaning on Bitcoin’s bull run, data from CoinGecko.
Conceived as a technical experiment, Ordi uses the Ordinals protocol to inscribe data, such as text, images, audio, and video, onto Bitcoin’s Satoshi units. In the recent past, cryptocurrency exchanges have been established such as Binance AND OKX they have listed Ordi for trading and purchasing on their platforms. This has added momentum to its otherwise gradual growth
As the price of Bitcoin increased, the value of Ordinal-based NFTs also increased, which in turn accelerated the price increase of Ordi. After the token’s market capitalization crossed the $1 billion (approximately Rs. 8,333 million) mark on Tuesday, September 6, several members of the crypto community posted their opinions on the Ordi token.
Ordi is not a meme.
It is an unofficial way of betting on the ordinal system.It’s as if there was a http token with social consensus.
— Kira Sama (@Kira_sama) December 5, 2023
$ORDERS it will be the parent of all BRC20 tokens and will be priced much higher than them. Similar to how $BTC it is priced much higher than all Altcoins
—Btc_barbie (@Btcbarbie01) December 5, 2023
The first Ordi was born after being signed up by an anonymous user with the address bc1p…gy06 on March 8, 2023, a Medium blog claimed.
Ordi has a preset circulating supply limited to 21 million, which brings the rarity quotient to this altcoin. Due to the ever-changing landscape of the cryptocurrency market, the investment community keeps a close eye on these new tokens on the rise and issues alerts if anything suspicious emerges.
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