Bitcoin Ordinals and BRC-20 token standards escalate in trend on Crypto Twitter. Does it trigger the Bitcoin price rally?
- Bitcoin climbs back to the $28.6K range.
- As per sources, a total of 3,277,494 inscriptions are recorded on Bitcoin Ordinals.
- BRC-20 is the new experimental token standard related to Bitcoin Ordinals since March 2023.
Bitcoin (BTC) rebounds to its 16-month-high on the Greed Index. Significantly, the optimistic BTC traders facilitated a 16% surge in the fear and greed index — from 55 to 64 — in the past 24 hours. This largest cryptocurrency displayed a 2.25% spike, surpassing the $28,600 level.
After a short fall below $29K on April 30, Bitcoin (BTC) oscillated in the range between $27,700 and $28,600. This wavering movement of the largest cryptocurrency in a near-consolidation zone faded the hype and trend. Meanwhile, the trend of various memecoins, from SHIB to PEPE and the like, took over the space by swaying the crypto community’s enthusiasm.
Amid the slow-moving BTC rally, the Bitcoin Ordinals and the new experimental token standard BRC-20 seemingly escalate in trend, especially on Crypto Twitter.
Bitcoin Ordinals and BRC-20 Rise in Trend
Protocols, new implementations, and tokens related to the crypto pioneer induced the formation of new notable highs. Remarkably, the Bitcoin Ordinals inscriptions dominate the list. Over the last 24 hours, the total inscriptions spiked 6% from 3.06 million to 3.26 million.
Moreover, the count of daily Ordinals inscriptions recorded soared by over 310% – from 47,944 to 372,832 on May 1, as per Dune analytics. Plain text held the maximum count — 2,590,987 inscriptions.
Second, is the fame around the BRC-20 token standards. This is a token standard created by a pseudonymous analyst Domo for the creation of fungible tokens on the Bitcoin blockchain. It was launched in early March only as an “experiment.”
The existence of BRC-20 and Bitcoin Ordinals are closely related as the former deploys the latter’s inscriptions for the deployment of token contracts. Interestingly, memecoins also dominate the list of active BRC-20 tokens. The viral PEPE currently stood at the second position. At the time of writing, 92,159 BRC-20 tokens were minted.
A popular Twitter user and Ordinal enthusiast @LeonidasNFT noted:
“Ordinals and BRC-20 are exposing that Bitcoin block space is the most scarce asset on planet Earth.”
Notably, another metric – the Bitcoin hashrate – attained its new peak at 480.47 EH/s on Tuesday. Furthermore, the Bitcoin-based cryptocurrency Stacks (STX) soared more than 13% in the last 24 hours.