- The number of Inscriptions shot beyond the 10 million limit.
- Despite the contribution of BRC-20 tokens, the price decreased.
Since its introduction at the beginning of the year, the number of Bitcoin [BTC] Ordinals Inscriptions has crossed the 10 million mark. According to Dune Analytics, the rise happened as the minting of newly inscribed data and tokens reached its highest in the last seven days.
Ordinals have the test to thank
Besides the inscription of text and images, the introduction of BRC-20 tokens also played a significant role in helping Bitcoin Ordinals achieve the milestone. This was due to the increase in terms of adoption and usage.
The token standard started as an experiment on the Bitcoin blockchain. It allows for the creation and management of tokens similar to ERC-20 on Ethereum [ETH]. For the crypto community, the test has opened up new possibilities for tokenization and the creation of various assets on the Bitcoin network.
The milestone reached by Bitcoin Ordinals signifies the growing interest and adoption of BRC-20 tokens within the Bitcoin ecosystem.
Developed by Casey Rodarmor, Ordinals Inscriptions took the community by surprise. Although similar to the mode of minting NFTs on Ethereum, Ordinals took a different route by utilizing the Taproot network on Bitcoin.
For context, the Bitcoin Taproot upgrade allows faster verification of multiple transactions on the network. Therefore, providing users with a plethora of opportunities to inscribe on the smallest unit of Bitcoin.
Despite the landmark, Ordinals could not generate anything close to the fees recorded around 5-8 May. At press time, the total Ordinals fees generated amounted to $44.29 million.
Although BRC-20 tokens and Ordinals are becoming increasingly mainstream, the invention has not been without controversy.
Coping with a gloomy market cap
At some point, users of the king coin were not happy with the experiment as block validation took a longer time, resulting in delayed transactions.
Nonetheless, the market cap of the tokens rose and edged close to $1 billion. However, despite the achievement, it’s worth noting that the market cap of BRC-20 tokens has experienced a decline.
How much are 1,10,100 BTCs worth today?
Market cap is a measure of the total value of a cryptocurrency, calculated by multiplying the circulating supply of tokens by their current price. A decline in market cap suggests a decrease in the overall value of assets under the ecosystem.
According to BRC-20.io, the total number of BRC-20 tokens minted was 24,677. While the figure increased, the surging price of assets such as ordi, pepe [PEPE], and domo has been pegged back. It was the same case with the volume, which resulted in the market capitalization falling to $433.19 million.