- The price of ORDI, the largest token minted on Bitcoin’s network, has surged to a new all-time high of $8.96, propelling it to be the 56th largest cryptocurrency with a market cap of $1.55 billion.
- ORDI’s popularity has led to increased congestion on the Bitcoin network, with fees shooting up due to more activity related to minting and trading tokens. Some argue this is spamming the network.
- Bitcoin’s price has fallen slightly to around $41,985 amid a cooldown in crypto markets. Traders are monitoring how BTC acts as it nears the $42,000 level.
The price of ORDI, the biggest token minted on the Bitcoin network, is surging again today and is one of this week’s top performers.
What is ORDI?
ORDI is the largest token created using the Bitcoin BRC-20 standard. It reached a new all-time high price of $8.96 on Friday, according to CoinGecko data. ORDI currently has a market capitalization of $1.55 billion, making it the 56th largest cryptocurrency.
Demand for ORDI is largely speculative, but it shows how Bitcoin’s network can be used for minting and trading digital tokens similarly to other major blockchains. The asset’s recent price gains reflect continued interest in Ordinals – NFT-style inscriptions minted on the Bitcoin blockchain.
The Impact of ORDI on the Bitcoin Network
The popularity of ORDI and other Ordinals has led to increased congestion on the Bitcoin network. Bitcoin transaction fees have shot up to over $24 on average due to more activity related to minting and trading these tokens.
Some in the Bitcoin community argue that Ordinals transactions are spamming the network, making it more expensive for others to use Bitcoin for payments. But others see it as a demonstration of Bitcoin’s versatility as a platform for various applications.
Bitcoin Price Action
Bitcoin’s price is down slightly, falling around 1% to $41,985 amid a cooldown in crypto markets. Traders are closely monitoring how BTC acts as it nears the $42,000 level.
It remains to be seen whether the craze around ORDI and other Ordinals is sustainable long-term or if it’s a short-lived fad. For now, the assets are stimulating usage and value on the Bitcoin network – albeit at the cost of higher fees. ORDI may continue pushing into the top 50 coins if demand persists.