BRC-20 Tokens That Are Bitcoin-Based Reach The $1 Billion Mark In Market Capitalization
With the recent upheaval of Ordinals technology in Bitcoin and BRC-20, the crypto market is growing evermore with tokens that were created via Ordinals. The tokens that were created with this protocol reached the $1 billion total capitalization mark on May 9, according to the report made by BRC-20.io site. The most successful asset of this craze is the ORDI memecoin with a value of over $450 million and a 45% dominance compared to other crypto assets.
With the recent upheaval of Ordinals technology in Bitcoin and BRC-20, the crypto market is growing evermore with tokens that were created via Ordinals. The tokens that were created with this protocol reached the $1 billion total capitalization mark on May 9, according to the report made by BRC-20.io site. The most successful asset of this craze is the ORDI memecoin with a value of over $450 million and a 45% dominance compared to other crypto assets. The ORDI token is traded for around $21.40 and has 21 million instances available, just like Bitcoin’s total supply.
BRC-20 Tokens are Rising in Value and they Seem Like they will Continue to Rise Even Further
Some other BRC-20 tokens developed on this rising blockchain are PEPE token with a $35 million capitalization and PIZA token with a market cap of $10 million, in reference to Bitcoin Pizza Day. The total trading volume of the market in the last 24 hours is $200 million with a liquidity point of 0.2 over the total market assessment, which shows a low liquidity percentage.
Market capitalization is calculated in a simple way; multiplying the last traded price of an asset by the entire amount available for the asset in circulation. This $1 billion is then the total of every multiplication outcome between every BRC-20 token listed on the BRC-20.io site.
The Market might be Volatile for a Little while
In brand new and badly audited and low-liquidity markets, this way of calculation is often not accurate and the inaccuracy it causes can effectively be noticed by observing certain moments when the capitalization seems to increase by four to five times just after the marking of the previous value. This is why investors should expect to see some volatility on this metric, up or down from $1 billion, with each new index update as the market sets itself right.
The standard of the BRC-20 token is named after the standard of the fungible tokens created on the Ethereum (ETH) blockchain, the ERC-20. Both of these work with the issuance of a smart contract that performs the issuance of cryptocurrency assets that are transferred by using their own main networks.
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