[Update] Ordinals (ORDI) Surges to New Yearly High

In just 1 month, Ordinals' token ORDI has surged over 720%.

Ordinals (ORDI) continues its strong upward momentum, setting a new high for the year. Photo: Unchained Crypto

ORDI, one of the BRC-20 tokens launched on the Bitcoin network through the Ordinals protocol, has surged over 35% in the past 24 hours. With a powerful comeback, ORDI has increased by more than 700% compared to last month and is currently trading at $63.82 USD.

1-hour chart of the ORDI/USDT pair on Binance at 12:20 PM on 06/12/2023

$65.84 USD marks the ATH (All-Time High) established by ORDI yesterday morning (05/12) since its listing on Binance. The market capitalization of this token has surpassed $1.3 billion USD.

Bitcoin Ordinals was initially introduced in January 2023, featuring a mechanism to create new Bitcoin NFTs by embedding information into individual satoshis. This innovative process, known as "Inscribe," allows users to create unique digital assets that can be directly verified on the Bitcoin blockchain.

The novel concept quickly became a hot trend earlier this year but slowed down from May until its recent resurgence, coinciding with increased transaction gas fees on Bitcoin. Bitcoin Core developers have also stated that Ordinals are "spamming" the Bitcoin network.

Bitcoin remains a pivotal focus throughout the year, with projects like Taproot Wizards and Outlier Ventures accelerator leading the charge.