The BRC-20 token collection, Ordinals, has experienced a significant surge in value of 40.8% over the past 24 hours, reaching $10.19, following its listing on the popular cryptocurrency exchange, Binance. This surge comes after Binance’s announcement on Nov. 7 that users are now able to trade Ordinals (ORDI) against Tether (USDT), Bitcoin (BTC), and the Turkish lira. In addition, Binance revealed that there were no listing fees charged to the developers of the ORDI token, and withdrawals for the token will be opening on Nov. 8. To further incentivize usage, the first 1,000 users who deposit at least 72 ORDI to the exchange received a 50 USDT trading rebate voucher.
Ordinals, also known as Bitcoin Ordinals, is a numbering system that assigns a unique number to each individual satoshi, which is equivalent to 1/100 million of a Bitcoin. This system enables tracking and transfer of the satoshis, and when combined with the inscription process, it allows for the minting of unique digital assets on the Bitcoin blockchain. It is important to note that the current token listed on Binance, ORDI, is not associated with the developers of Bitcoin Ordinals.
The concept of BRC-20 tokens, invented by Web3 developer Rodarmor in January, has become increasingly popular due to being one of the most significant technological advancements in the 15-year-old blockchain industry. Self-custody wallet providers, such as BitKeep, have enabled BRC-20 token deposits and withdrawals since June. The total market capitalization of BRC-20 tokens currently stands at $1.34 billion.
This recent surge in the value of Ordinals is indicative of the growing interest and adoption of BRC-20 tokens within the cryptocurrency community. It also reflects the ongoing innovation and development within the blockchain industry, positioning BRC-20 tokens as a notable player in the market.
The surge in the value of Ordinals on Binance also highlights the potential for volatility in new tokens, as stated in Binance’s announcement regarding the higher than normal risk associated with ORDI.
As the adoption and usage of BRC-20 tokens continue to grow, it is expected that there will be further developments and advancements in the blockchain industry. It will be interesting to see how the value and usage of Ordinals and other BRC-20 tokens evolve in the coming months, particularly as more exchanges and platforms support their trading and usage.