Tags in this story
Bitcoin Blockchain Continues to See Growth in Ordinary Inscriptions and BRC20 Tokens – Bitcoin News
As of Sunday, May 21, 2023, over 8.3 million Ordinal inscriptions have found their place on the Bitcoin blockchain, accompanied by a count of 24,677 BRC20 tokens. These new BRC20 tokens have also amassed a combined market capitalization of $483 million. Statistics show that over 1.3 million ordinary inscriptions have been issued in the last five days alone. Miners, benefiting from this inscription surge, have reaped rewards of 1,448.84 BTC.
Bitcoin’s ordinary inscriptions and BRC20 tokens continue to gain momentum
In just five days, Bitcoin.com News reported the presence of just over seven million Ordinal inscriptions. However, at the time of writing, an increase has occurred, bringing the total number to approximately 8,376,936 inscriptions. During this short period, 1.3 million additional inscriptions have been added, indicating an ongoing trend. Recent statistics from Dune Analytics, recorded on May 21, reveal that bitcoin miners have seized the opportunity that these inscriptions provide, earning 1,448.84 BTC. The total value of these registration-associated fees has reached approximately $39.14 million.
Of the large number of inscriptions, approximately 90% consist of plain text, while a number of over 500,000 comprise JPEG and PNG files. Interestingly, almost 10,000 inscriptions contain video files, while a small fraction of applications and audio files add a multimedia dimension to the 8.3 million embossed inscriptions. These Ordinal Inscriptions have not only provided a means for creative expression, but have also paved the way for the creation of fungible tokens through the BRC20 standard.
According to archived data from BRC-20.io, as of May 21, there are currently 24,677 BRC20 tokens actively traded with real-world value. Moreover, these BRC20 tokens have accumulated an impressive total of 6,895,176 transactions on the blockchain network to date. The BRC20 market has witnessed an impressive increase, with all 24,677 BRC20 tokens amassing a value of $483.67 million. The token economy has also seen $207.48 million in 24-hour global trading volume.
Okx shows the best BRC20 tokens among the demand for the Bitcoin token
Among the top contenders in the BRC20 market today, we have tokens ordi, $B20, vmpx, piza and pepe, which capture the attention of BRC20 investors and traders. Of particular note is the leading position of ordis, which boasts the largest market capitalization with a value of $255 million on Sunday. Adding to the momentum, crypto exchange Okx has recently announced its support for both BRC20 tokens and Ordinal inscriptions in the Okx wallet. To further strengthen their commitment, the Okx exchange revealed that they would be listing the prominent BRC20 token ordis (ORDI).
The crypto exchange stated that it has an advantage over decentralized exchange (dex) marketplaces thanks to Okx’s market order book. “The BRC-20 tokens on Bitcoin present a unique challenge, and we are excited to be among the pioneers in providing users with a smooth trading, depositing and withdrawal experience,” Jason Lau, Okx’s chief innovation officer, said in a statement on 20 May In addition, Ordinal Inscriptions and BRC20s can be found on Ordinals Market, Ordswap, Ordinals Wallet, Open Ordex, Gamma and Magic Eden.
What are your thoughts on the rise of Ordinal Inscriptions and BRC20 tokens on the Bitcoin blockchain? Share your insights and opinions in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.