Rising Star: In-Depth Overview of the Surging Bitcoin-Based Ordi Token Making Waves in the Crypto Market
Pioneer on the Rise: Ordi Token, the First BRC-20 Crypto Token on Bitcoin Blockchain, Hits All-Time High of $65.06
Amidst the current bullish phase in the crypto market, Bitcoin has surged to a notable price of $42,450, marking its highest point in the last nineteen months. However, stealing the spotlight in the midst of this market excitement is a relatively new crypto token named ‘Ordi,’ drawing parallels with social media sensation Orry Awatramani and sparking curiosity about its purpose.
Distinguishing itself as the first BRC-20 crypto token on the Bitcoin blockchain, the Ordi token recently reached a milestone, hitting an all-time high of $65.06 (approximately Rs. 5,422). Over the past seven days, the token witnessed an impressive surge of 148 percent, and in the last 30 days, it has experienced an astounding 500 percent increase, riding on the coattails of Bitcoin’s bullish trend, as indicated by data from CoinGecko.
Initially conceived as a technical experiment, Ordi employs the Ordinals protocol to embed various types of data, including text, images, audio, and video, onto the Satoshi units of Bitcoin. Adding to its momentum, prominent crypto exchanges such as Binance and OKX have recently listed Ordi for exchange and purchase on their platforms, further fueling its gradual but notable growth in the crypto market. As the crypto community continues to navigate this upward trajectory, Ordi’s unique positioning on the Bitcoin blockchain makes it a captivating player in the evolving landscape of digital assets.
With Bitcoin price escalating, the value of the Ordinal-based NFTs also spiked which again in-turn added speed to Ordi’s price hike. After the token’s market cap breached the mark of $1 billion (roughly Rs. 8,333 crore) on Tuesday, September 6, several members of the crypto community posted their takes about the Ordi token.
The first Ordi came into existence after it was inscribed by an anonymous user with the address bc1p…gy06 on March 8, 2023, a Medium blog claimed.
Ordi has a pre-set circulating supply that is restricted to 21 million, which brings the rarity quotient to this altcoin. Owing to the ever-changing landscape of the crypto market, the investor community keeps a check on these newer tokens on the rise and posts alerts if anything suspicious comes up.
