You can check the website statistics yourself or request them from us at [email protected]
On this platform, only organic high-quality traffic
Bitcoin
$ 30,725

Bitcoin Ordinals Token Tap $1 Billion Market Cap as BTC Moves Past $43,500

Bitcoin (BTC) has experienced a substantial surge of over 14% in the past week, riding the wave of a broader market recovery and sparking optimistic sentiments driven by various factors.

The revitalized rally of the leading cryptocurrency follows heightened network activity propelled by BTC Ordinals, commonly known as Bitcoin non-fungible tokens (NFTs). Additionally, institutional investors are eagerly anticipating the approval of a spot Bitcoin ETF in the United States, contributing to an overall bullish market outlook.

BTC Ordinals (ORDI) has witnessed an astounding 850% surge in just 39 days, reaching a market capitalization of $1 billion. This achievement establishes it as the first BRC-20 token to hit this milestone, despite facing criticism regarding its utility on the network due to congestion issues earlier in the year.

As of the latest update, the token is currently valued at over $55, reflecting a notable 7.7% increase in the past 24 hours and an impressive surge of over 200% in the last week, with trading volume consistently exceeding the $1 billion threshold.

Bitcoin Ordinals, introduced in January, enable users to create inscriptions on the Bitcoin network. Recent on-chain data reveals a surge in activity, with over 48 million Ordinals inscribed on the network, generating $149 million in transaction fees.

Binance’s monthly market research has underscored the remarkable growth of Ordinals, leading the network to surpass Ethereum in transaction fees—a deviation from the usual expectations in the cryptocurrency space.

BTC hovers $43,500

The value of Bitcoin has witnessed a significant surge in recent weeks, as bullish investors are determined to recover losses incurred during the bear market. Notably, the asset has seen a remarkable uptick of over 25% in the last 30 days, marking an impressive 162% increase year-to-date (YTD). This surge follows the substantial downturn experienced in 2022, influenced by broader economic factors such as the Federal Reserve’s decision to raise interest rates and industry-specific events like the collapse of Terra Network and the subsequent implosion of FTX.

The momentum for this year’s growth was initiated by renewed institutional interest in the market, triggered by BlackRock’s application for a spot ETF. This move was swiftly followed by other major firms making similar strides, propelling the asset’s price beyond $31,000 and contributing to its current levels.

The anticipation of a spot Bitcoin ETF approval continues to build, with multiple analysts speculating on a potential green light from the Securities and Exchange Commission (SEC). Several companies are predicting the onset of a new investment cycle in the market, underscoring the growing optimism surrounding Bitcoin’s future.

Ordinals criticisms resurfaces

Despite contributing to the upswing of Bitcoin and serving as a lifeline for Bitcoin miners seeking financial relief during challenging times, inscriptions continue to face criticism within the community.

A primary concern raised by many is the impact of numerous transactions associated with inscriptions, causing network congestion and a subsequent rise in unconfirmed transactions, resulting in elevated transaction fees. Luke Dashjr, a Bitcoin core developer, expressed his disapproval on X, taking aim at Ordinals’ efforts to inundate the network. He remarked, “Inscriptions are taking advantage of a vulnerability in Bitcoin Core to flood the blockchain.”

Related Posts

Leave a Reply

Confirm now and stay with our news

What we write about

I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

Latest Articles

OKX and Polygon Collaborate to Launch X Layer Public Mainnet
16.04.2024By
Curve Founder Nearly Liquidated During Weekend Crypto Crash
16.04.2024By
Ethereum Suffers Most Hacks Among Blockchains in 2024
16.04.2024By

Latest news

OKX and Polygon Collaborate to Launch X Layer Public Mainnet
16.04.2024
Curve Founder Nearly Liquidated During Weekend Crypto Crash
16.04.2024
Ethereum Suffers Most Hacks Among Blockchains in 2024
16.04.2024
BlackRock’s Bitcoin ETF Sees $73M in Inflows as Other Funds Remain Stagnant
16.04.2024
Reserve Bank of Fiji Says Crypto Not Recognised as Legal Tender
16.04.2024
Winklevoss Twins Invest $4.5M in Crypto Podcaster Peter McCormack’s Football Club
15.04.2024
Investor Caution Persists as Digital Asset Investment Products See $126M in Outflows
15.04.2024
Bitcoin Shows Resilience Compared to Broader Crypto Market Despite Sell-Off: Fineqia
15.04.2024
DeFi-Focused Berachain Raises $100M in Funding Round Led by Brevan Howard Digital
15.04.2024
Hong Kong SFC Approves Spot Bitcoin and Ethereum ETFs as Market Rebounds
15.04.2024