ORDI Reaches A New High, Analyze the Trends and Development of Bitcoin In_script_ions

[TL；DR]:

According to Gate.io’s data, the current market value of ORDI exceeds $1.3 billion, with 24-hour trading volume approaching $30 million, ranking third on the hot search list.

In addition to ORDI, there are also popular inscribed tokens such as SATS, RATS, OXBT, MEME, etc.

The eco created by Ordinals is enough to serve as a new narrative for issuing assets on the Bitcoin chain. This emerging phenomenon fluctuates in consensus growth and public criticism, ultimately realizing the discovery of value.

Introduction

The Bitcoin market is always full of hot topics, and the inion hot market is undoubtedly the most eye-catching one this year. The inions represented by ORDI not only have a significant impact on the value of Bitcoin, but also provide us with a new perspective on understanding the cryptocurrency market.

So, how did these inions become popular and what other popular inions are worth learning about? Let’s explore these issues together.

ORDI Raced All the Way To MOON

As of the writing date, despite minor adjustments, ORDI has still risen by 27.87% in the past 24 hours and recorded a return of 250% in the past 7 days.

According to Gate.io’s data, the current market cap of ORDI is $1.3 billion, with 24-hour trading volume approaching $30 million, ranking third on the hot search list.

Source: Gate.io

In fact, the Ordinals protocol was launched as early as the beginning of this year, as it creatively allows users to “write” media such as images and text into the Bitcoin blockchain. This innovative move has become popular without touching the original requirements of the Bitcoin community.

By March of this year, users were able to create alternative tokens through the BRC-20 standard. As the first token of this kind deployed by anonymous creator Domo, ORDI naturally conforms to the law of the first release effect in the industry, becoming the first benchmark in the inion race.

After the silence of Bitcoin inions for half a year, public investment enthusiasm has returned to this sector. As a leader, ORDI has also been widely adopted, with the support of exchanges such as Gate and the launch of new features from Ordinals, resulting in a significant increase in coin prices. In the past week, ORDI has experienced its largest increase to date.

According to CoinMarketCap data, ORDI has always been the largest token in the BRC20 market, ranking 66th by market value, followed closely by SATS, TRAC, and RATS.

Source: CoinMarketcap

Those Distinctive Inions that Have Emerged from Crypto Space

We have written several articles introducing the origin of ORDI, so we will not go into too much detail here. Readers can click on New Narrative of the Bull Market - Bitcoin Eco Development Landscape to browse and view. This article focuses on introducing other highly popular BRC20 tokens.

SATS
SATS is the ninth inscribed token based on the Brc-20 protocol, and its full name is satoshis. Satoshi is the smallest unit in Bitcoin, commonly referred to as satoshi or Bit satoshi.

In the Bitcoin , one BTC (Bitcoin) is equal to 100 million satoshi. The total circulation is 2100 trillion yuan, equivalent to 21 million BTCs.

SATS’s market attention, total market value, and even surpassed ORDI in November, becoming the most culturally significant popular token. With Unisat’s support for Sats as a gas fee on L2 and other positive factors, Sats has now become the high market value token second only to ORDI.

RATS
Rats is a type of BRC20 series inion asset, founded in March this year, with a maximum single minting limit of 1 million pieces.

As an inbreeding token of Sats, the success of RATS is also attributed to the cohesion of community members at the consensus level. It borrows the creativity of animal Meme coins and incorporates cultural belonging factors from both the East and the West. The Rats community once captured the Twitter promotion platform.

The corresponding relationship between “rat” and “mint” is cleverly used in community marketing, and text games like this are full of humor and imagery, making people immediately remember the characteristics of RATS tokens.

OXBT
OXBT is a BRC20 token issued by the Redacted NFT project, with a total of 2 billion tokens. This summer, OXBT’s on chain trading volume reached 10 times that of Ordi.

MEME
MEME is the second BRC20 token with a supply of only 99,999 tokens, and each insertion can only mint a maximum of 1 MEME.

After careful consideration of the token allocation mechanism, there were already over 2000 holders of $meme after the coin was minted, and this number has now increased to 5071.

MOON
The MOON token, derived from the slang TO DA MOON in the crypto community, also has a large following, with a supply limit of only 100 million coins and 6685 holders, ranking 10th in market value in this sector.

The Potential Space of BRC20 Inion

In fact, BRC-20 is a benchmark for the classic Ethereum protocol ERC-20, and its operating range and derivative eco will also be based on ERC-20. But compared to the ERC-20 protocol, this protocol is grafted onto the Bitcoin community with the highest consensus, and has a wider operating space and dissemination platform.

As a result, with more equitable community minting methods and the continuous upgrading of the BRC-20 protocol, the value of this track is gradually being released, and more institutions and exchanges (such as Gate.io) are starting to connect, expand, and apply its value.

Overall, this experimental standard for on chain coin minting, which uses the Ordinals protocol to mint inions on each satoshi (satoshi is the smallest unit of Bitcoin, 1 satoshi is 0.0000001btc), has the characteristics of fair issuance and high security, making a group of inions naturally have self propagating MEME attributes.

Ultimately, the recent surge in BRC20 tokens is driven by both speculative sentiment and investment value, with several specific reasons:

The issuance of BRC20 tokens is relatively fair, and all minting users are treated equally. The project party cannot reserve or issue additional BRC20 tokens. Even if the issuer wants to obtain the issued BRC20 tokens, they need to participate in the minting. This makes the BRC20 token naturally scarce, thus attracting the attention of investors.

The BRC20 token has high security and adopts the security mechanism of the Bitcoin chain, which has high resistance to attacks. This makes the BRC20 token more trustworthy for investors.

The BRC20 token eco is constantly developing, and a batch of high-quality BRC20 token projects have emerged. These projects cover multiple fields such as payment, DeFi, NFT, and GameFi, and have great potential.

However, when it comes to this, we still need to pay attention to the fact that this consensus is still fragile compared to Bitcoin, and the rapid changes in sentiment in the short term will synchronously reflect on the coin price, and may even affect the strategies of many institutional investors to deviate.

Gate.io released a 100% reserve snapshot of the BRC20 eco’s top projects on the platform on December 5, 2023, in response to recent market fluctuations.

Source: Gate.io

In fact, the significant increase in trading volume on the evening of December 4, 2023, was mainly due to significant market fluctuations that night, which led to issues with the trading strategies of some quantitative institutional users. It is not uncommon for institutional user strategies to deviate during market fluctuations, but users still need to balance and control returns and risks.

In summary, the eco created by Ordinals is sufficient as a new narrative for issuing assets on the Bitcoin chain. This emerging phenomenon fluctuates in consensus growth and public criticism, ultimately realizing the discovery of value. We are willing to embrace this innovation and explore new values.

Finally, it must be mentioned that the value of new things is dynamically evolving, and Rome was not built in a day. Therefore, investors still need to remain cautious when facing the aforementioned hot projects.