Bitcoin Ordinals token ORDI jumps 35% over past 24 hours

Markets • December 5, 2023, 3:18PM EST
Published 1 minute earlier on
The Block

Quick Take

  • Bitcoin Ordinals token ORDI’s wild ride continues, rising 35% over the past 24 hours.
  • The token is up more than 700% in the last month.

ORDI +0.86% , a Bitcoin-based BRC-20 token, shot up by 35% on Tuesday amid a broader crypto rally and recent resurgence of activity related to the Ordinals protocol.

The token is up by more than 700% over the last month. It was trading for $63.82 at 3:04 p.m. ET, according to The Block data. 

ORDI price graph.

At one point on Tuesday, ORDI hit an all-time high of about $65. It's market cap currently stands at $1.3 billion. 

Bitcoin-based tokens

Bitcoin-based tokens are still largely novel. The Ordinals mechanism set the stage for the development of both fungible tokens, like BRC-20 tokens, and non-fungible tokens that frequently showcase digital art. 

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While Ordinals trading fell substantially in October after activity peaked during the previous month, activity rebounded following Binance's announcement it would list ORDI. In August, Binance Pool launched its Ordinals Inscription Service, which makes it easier for users to inscribe additional data onto the Bitcoin blockchain.

Developing on Bitcoin has been gaining steam all year, including a range of projects like the Bitcoin-focused Ordinals project Taproot Wizards and Outlier Ventures accelerator program starting in early 2024.


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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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