Flow

Bitcoin

ORDI

MN Coin

<img width="1200" height="900" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104428/ambcrypto_Prompt_A_futuristic_financial_metropolis_with_digital_76df32a2-6e87-4194-ba4b-4c4da532c875.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin BRC20 token crosses $1 billion market cap: What's next?" loading="lazy" style="float:left; margin:0 15px 15px 0;" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104428/ambcrypto_Prompt_A_futuristic_financial_metropolis_with_digital_76df32a2-6e87-4194-ba4b-4c4da532c875.jpg 1200w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104428/ambcrypto_Prompt_A_futuristic_financial_metropolis_with_digital_76df32a2-6e87-4194-ba4b-4c4da532c875-300x225.jpg 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104428/ambcrypto_Prompt_A_futuristic_financial_metropolis_with_digital_76df32a2-6e87-4194-ba4b-4c4da532c875-1024x768.jpg 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104428/ambcrypto_Prompt_A_futuristic_financial_metropolis_with_digital_76df32a2-6e87-4194-ba4b-4c4da532c875-768x576.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px">
<ul> 
 <li>ORDI’s market capitalization has crossed the $1 billion mark.</li> 
 <li style="font-weight: 400;">Its price recently clinched an all-time high.&nbsp;</li> 
</ul> 
BRC20 meme coin <a href="https://eng.ambcrypto.com/search/ordi" target="_blank" rel="noopener" data-wpel-link="internal">Ordi [ORDI]</a> has achieved a significant milestone, becoming the first <a href="https://eng.ambcrypto.com/search/bitcoin" target="_blank" rel="noopener" data-wpel-link="internal">Bitcoin [BTC]</a> BRC20 token to surpass a $1 billion market capitalization.&nbsp; 
AMBCrypto found that the altcoin’s price rallied to an all-time high of $63 during the intraday trading session on the 5th of December. At press time, ORDI exchanged hands at $60, still logging a 24% price jump in the last 24 hours. 
According to <a href="https://coinmarketcap.com/currencies/ordi/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">CoinMarketCap</a>, the token’s value has risen by over 200% in the last week. This has made it the crypto asset with the most gains in the last seven days, according to the cryptocurrency price tracker. 
<h4>ORDI puts the Bitcoin network under pressure</h4> 
The surge in ORDI’s value is attributable to the general uptick in the trading activity around <a href="https://eng.ambcrypto.com/search/ordinals" target="_blank" rel="noopener" data-wpel-link="internal">BRC-20 tokens</a> in the past few days. According to data from <a href="https://dune.com/dataalways/ordinals" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">Dune Analytics</a>, on the 3rd of December, BRC20 token minting touched a high of 450,000.&nbsp; 
As a result, the Bitcoin network has become congested with unconfirmed transactions clogging up the meme pool.&nbsp;According to data from <a href="https://mempool.space/" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">mempool.space</a>, over 267,000 transactions were waiting to be confirmed on the Bitcoin network at press time.&nbsp; 
The memory pool, which is the temporary storage area for pending transactions, was at 1.54GB at this time, significantly above the 300 MB capacity.&nbsp; 
<div id="attachment_81146" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53.png" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer"><img aria-describedby="caption-attachment-81146" loading="lazy" class="size-full wp-image-81146" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53.png" alt="" width="1074" height="768" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53.png 1074w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53-300x215.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53-1024x732.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104559/Screenshot-2023-12-06-at-06.15.53-768x549.png 768w" sizes="(max-width: 1074px) 100vw, 1074px"></a>
 Source:mempool.space
</div> 
Due to the activity around inscriptions on the Bitcoin network, the average transaction fee on the blockchain has climbed to its highest since April.&nbsp; 
At press time, data retrieved from <a href="https://bitinfocharts.com/comparison/bitcoin-transactionfees.html#6m" target="_blank" rel="noopener nofollow external noreferrer" data-wpel-link="external">BitInfoCharts</a> showed that the average BTC transaction fee was $19.48. The last time the transaction fee on the Bitcoin network was this high was in May.&nbsp; 
<div id="attachment_81147" style="width: 100%" class="wp-caption aligncenter">
 <a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42.png" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer"><img aria-describedby="caption-attachment-81147" loading="lazy" class="size-full wp-image-81147" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42.png" alt="" width="2560" height="595" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42-300x70.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42-1024x238.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42-768x178.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42-1536x357.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104649/Screenshot-2023-12-06-at-06.16.42-2048x476.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: BitInfoCharts
</div> 
<h4>ORDI is the talk of the town</h4> 
As many continue to ape in to profit from ORDI’s price rally, an assessment of the token’s performance on a daily chart revealed that it has seen huge demand in the past few days. 
Read&nbsp;<a href="https://ambcrypto.com/predictions/ordinals-price-prediction" target="_blank" rel="noopener" data-wpel-link="internal">Ordi’s [ORDI] Price Prediction</a>&nbsp;2023-24 
Signaling that the market has become overheated, its Relative Strength Index (RSI) and Money Flow Index (MFI) were spotted at overbought highs at press time.&nbsp; 
ORDI’s RSI was 86.43, while its MFI was 96.31. It is, however, key to note that at these values, these indicators suggest that there is too much buying pressure and that the asset is likely to experience a price pullback. 
<div id="attachment_81144" style="width: 100%" class="wp-caption alignnone">
 <a href="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42.png" data-wpel-link="external" target="_blank" rel="nofollow external noopener noreferrer"><img aria-describedby="caption-attachment-81144" loading="lazy" class="size-full wp-image-81144" src="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42.png" alt="" width="2560" height="1203" srcset="https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42.png 2560w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42-300x141.png 300w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42-1024x481.png 1024w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42-768x361.png 768w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42-1536x722.png 1536w, https://engamb.sfo2.digitaloceanspaces.com/wp-content/uploads/2023/12/06104349/ORDIUSDT_2023-12-06_06-13-42-2048x963.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: TradingView
</div> 
The post <a rel="nofollow" href="https://eng.ambcrypto.com/bitcoin-brc20-token-crosses-1-billion-market-cap-whats-next/" data-wpel-link="internal" target="_self">Bitcoin BRC20 token crosses $1 billion market cap: What’s next?</a> appeared first on <a rel="nofollow" href="https://eng.ambcrypto.com" data-wpel-link="internal" target="_self">AMBCrypto</a>.

Bitcoin BRC20 token crosses $1 billion market cap: What’s next?

AMBCrypto

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