ORDI Crypto Prices Soar, Reaches IDR 1.2 Million
JAKARTA - The year 2023 is a special year for the crypto world. Because the BRC20 tokens are starting to appear. BRC20 is a new token standard that is innovative on the Bitcoin blockchain.
The BRC20 token allows token and NFT creation and exchange, as does the ERC20 token on Ethereum, but with higher safety and efficiency thanks to the Proof-of-Work (PoW) Bitcoin mechanism.
The BRC20 token was created using the Ordinary protocol, which inserts data into the smallest Bitcoin or Satoshi units. In this way, each satoshi can be converted into a special token transacted in the Bitcoin network. One of the most popular BRC20 tokens is the ORDI, which set a new record on Tuesday.
ORDI, DSPW And SATS Skyrocket
One of the BRC20 tokens, ORDI, managed to carve the highest price at the level of 81.34 (IDR 1,266,000) per coin, before falling to the range of $68 (IDR 1,048,000) to $72 (IDR 1,109,000) per coin. Currently, the ORD has a market capitalization of around $1.46 billion (IDR 22.5 trillion).
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Despite falling more than 14% a day, ORDI has soared by 2,333% since four months ago, when its value was only $2.86 (Rp 44,000) per coin. The increase in ORDI was also followed by other BRC20 tokens that experienced tremendous increases.
For example, DSPW, another BRC20 token, has a supply supply of 1.2 billion tokens, at a price of $1.66 (IDR 25,600) per token, so it has a market capitalization of $1.99 billion (IDR 30.6 trillion). The SATS token, which is the smallest unit of Bitcoin, has a circulation of 2.1 quadrillion tokens, at a price of $0.0008168 (IDR 12.6) per token, has a market capitalization of $1.71 billion (IDR 26.3 trillion).
Despite the controversy over BRC20 tokens and badminton Ordinarys eating Bitcoin block space, the high interest in these new collectible digital tokens and tokens shows strong demand from crypto investors and traders.