Bitcoin

Due to the recently announced &#34;token standard&#34; for the blockchain, the number of Ordinals inscribed on the Bitcoin $27,769 network has reached a new daily all-time high (ATH).According to Dune Analytics statistics, Bitcoin Ordinals hit 58,179 inscriptions on April 2, surpassing the previous all-time high (ATH) of 31,692 on March 9. The recent development of &#34;Bitcoin Request for Comment&#34; (BRC-20) tokens on the Ordinals protocol by a pseudonymous on-chain analyst named Domo in early March is thought to have fueled the spike.While Ordinals are nonfungible token (NFT)-like &#34;digital artifacts&#34; on the Bitcoin network that carry data in the form of text, JPEG images, PDFs, video, and audio formats, the BRC-20 token standard, like Ethereum&#39;s ERC-20 token standard, uses Ordinal inscriptions to deploy token contracts, mint tokens, and transfer tokens.The Taproot soft fork permitted the launch of Ordinals and BRC-20 tokens on Bitcoin on November 14, 2021. According to &#34;Leonidis.og,&#34; the host of an Ordinals-focused podcast, over 55,000 of the inscriptions on April 2 were text-based Ordinals, many of which were represented by BRC-20 tokens.Leonidis explained in a tweet that the April 2 rise was caused by the recent release of new tools for interacting with BRC-20 tokens. &#34;There was a lot of enthusiasm behind BRC-20 when it released a month ago, but the anticipation finally died down.&#34; During the downtime, we created tools to make communicating with BRC-20 more easier, and we&#39;re now seeing ATH interest. It&#39;s something I&#39;ve said before and will say again. UX is important! ”Ord.io, UniSat Wallet, and BRC-20.io are among the new tools. With the creation of the BRC-20 standard, 1,600 tokens have been issued, according to BRC-20.io.Among the most popular BRC-20 tokens are &#34;pepe,&#34; &#34;ordi,&#34; and &#34;punk,&#34; which have market capitalization of $2.5 million, $2.1 million, and $900,000, respectively.Over 42,700 BRC-20 tokens have been created in the previous 24 hours, the majority of which have come from the tokens wzrd, domo, BAYC, meme, and puppies.While the market cap of BRC-20 tokens is now less than $10 million, Galaxy Digital, a digital asset investment firm, predicts the &#34;Bitcoin NFT&#34; market could reach $4.5 billion by 2025.The Bitcoin community is still divided on whether Ordinals is a good fit for the Bitcoin ecosystem. Proponents such as Dan Held argue that it expands the financial use cases for Bitcoin, while detractors argue that it departs from Satoshi Nakamoto&#39;s vision of Bitcoin as a peer-to-peer currency system.

Bitcoin Ordinals Daily Inscriptions Surge Due to ‘BRC-20 tokens’

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