Ordinals Inscriptions and the BRC-20 token standard have divided the Bitcoin (BTC) community since its popularization in 2023. Growing adoption is now redefining the meaning of DeFi in Bitcoin and creating a whole new ecosystem of fungible and non-fungible tokens (NFT) to speculate on.
In particular, Ordi (ORDI) became the first Bitcoin-based fungible token to enter the top 100 cryptocurrencies by market capitalization. Its rise came amid controversy, with critics pointing to the lack of a real value proposition for the purely speculative digital asset.
Besides this, increasing demand for ORDI and other BRC-20 tokens has also been blamed as the reason why Bitcoin fees have skyrocketed in recent weeks.
This feature attracted the attention of leading services in the cryptocurrency industry, such as cryptocurrency exchange Binance. The largest trading platform listed ORDI as the first Bitcoin-based token available for trading earlier this month.
According to the CoinMarketCap index, ORDI is trading at $21.39 at press time, with 418.72 percent of its 30-day accumulated gain.
This Bitcoin-based speculative token recorded an impressive $247.64 million in 24-hour volume. This resulted in 52.85 percent of the entire market value of $450 million changing hands in one day.
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