June 5, 2023

Value of BRC-20 Tokens Surpassed $475 Mln in 39 Days

BRC-20 Token

BRC-20 Token

The value of the BRC-20 tokens had increased by more than 1,500% over the past 39 days, according to Bitcoin News

BRC-20 tokens are tokens standards that enable the minting and transferring of fungible tokens via the Ordinals protocol on the Bitcoin blockchain. 

The market capitalization of these tokens grew from a total value of $29.48 million to more than $475 million, with an increase of 1,511% during the past 39 days. There are 24,677 minted BRC-20 tokens despite being only 3,981 tokens on April 25, which represented a 519% increase during that timeframe. 

Now, the largest market valuation goes for the BRC20 token ordi with its 21 million coins worth $11.36 per unit as of June 3. The ordi market, valued at $238.4 million, is followed by $B20, which commands a market capitalization of around $43.2 million.

It is worth mentioning that the monthly trading volume of NFTs and meme coins on the Bitcoin blockchain has significantly increased, surpassing Solana’s volume, according to data aggregated from Cryptoslam. 

The trading volume of Bitcoin Ordinals NFTs currently stands in second place behind Ethereum. The trading volume on the Bitcoin blockchain is $199.649 million at the time of writing, more than double the trading volume on Solana, which recorded $41.823 million, according to Cointelegraph. 

Dune dashboard showed that the transactions of BRC-20 token standard creator Domo, BRC-20 token dominated the majority of ordinals activity on Bitcoin. Mostly, traders who are looking to benefit from the newfound trend are the main reason behind this growing sales as the trading activity around the BRC-20 tokens will likely fall later. 

Notably, the market began to shift its focus from BRC-20 tokens to Bitcoin NFTs as the marketplaces, which trade in them, begin to achieve higher trading volume, like Magic Eden. NFT traders will hope to repeat the success of Ethereum NFTs on Bitcoin with collections forming exclusive groups of ordinals holders.

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