ORDI is the primary currency of Ordinals, a Bitcoin protocol that assigns unique data to each satoshi, the smallest denomination of BTC. Bitcoin Ordinals gained popularity earlier in the year when Bitcoin entered the NFT space, but its momentum waned as market dynamics shifted.
The price of ORDI has undergone a noteworthy spike, reaching an all-time high of $22.82 on November 15. Despite a slight decrease, it has found support around $20. Its substantial momentum has attracted attention within the cryptocurrency community. However, its volatility poses a high risk, prompting Binance to caution users to exercise caution before engaging with this coin.
The Ordinals protocol adheres to the creation of the BRC-20 token standard, enabling the direct transfer of tokens on the Bitcoin network. This has accelerated the rapid development of NFTs, primarily digital art, and meme tokens on Bitcoin.
Furthermore, most beta Bitcoin tokens have witnessed double and triple-digit increases in the past seven days. However, many of these are low-market-cap memecoins or highly volatile experimental projects. Standard BRC-20 tokens are generally the most stable, with ORDI boasting a market capitalization of nearly $500 million.
The Surge in Bitcoin Transaction Fees Driven by Growing Interest in Non-Fungible Tokens (NFTs)
Bitcoin transaction fees, currently at their highest in six months, have skyrocketed by over 2,000% since hitting a low of $0.64 in August, reaching an average of $15.86 per transaction. This surge is attributed to newfound interest in traditional engraving, similar to the enthusiasm seen in the NFT space.
Related: NFT Fraudster Faces Up to Five Years Behind Bars
The substantial increase in BTC fees has brought significant benefits to miners. As reported by CryptoPotato, Bitcoin mining companies have earned a total of $44 million in block rewards and transaction fees, marking the highest level since April 2022.
