The crypto market is currently in a long-awaited bull run. Bitcoin is currently trading at $42,450 (approximately Rs. 35 lakh), which is the highest price in the last nineteen months. Amidst the market excitement, a new crypto token has managed to attract massive attention. Based on the Bitcoin blockchain. The name of this cryptocurrency is 'Ordi' and just like social media sensation Orry Awatramani, this new token has got everyone thinking about what it does.
The Ordi token, the first BRC-20 crypto token on the Bitcoin blockchain, recently hit its all-time high of $65.06 (approximately Rs. 5,422). In the past seven days, the token saw a 148 percent price increase. Over the past 30 days, the ORDI token has risen as much as 500 percent, riding on Bitcoin's bull run, data from CoinGecko shows.
Started as a technical experiment, Ordi uses the Ordinals protocol to write data, such as text, images, audio and video, onto Bitcoin's Satoshi units. In the recent past, established crypto exchanges such as Binance and OKX have offered Ordi on their platforms for exchange and purchase. This added momentum to the otherwise gradual growth
As the Bitcoin price escalated, the value of Ordinal-based NFTs also increased, which in turn increased the rate of Ordi's price appreciation. After the token's market cap crossed the $1 billion (approximately Rs. 8,333 crore) mark on Tuesday, September 6, several members of the crypto community posted their thoughts on the Ordi token.
Ordi is not a meme.
It is an unofficial way to bet on the ordinal number system.It's like having an http token with social consensus.
— Kira Sama (@Kira_sama) December 5, 2023
$ORDI will be the father of all BRC20 tokens and is priced much higher than this one. Similar to how $BTC is priced far above all Altcoins
— Btc_barbie (@Btcbarbie01) December 5, 2023
The first Ordi was created after it was registered on March 8, 2023 by an anonymous user with the address bc1p…gy06, a Medium blog claimed.
Ordi has a preset circulating supply limited to 21 million, which provides the rarity quotient for this altcoin. Due to the ever-changing landscape of the crypto market, the investment community is keeping an eye on these newer tokens on the rise and posting alerts if anything suspicious pops up.