BRC-20 tokens skyrocket after Binance announcement

Immediately after Binance's announcement of support for Bitcoin Ordinals trading at the end of May, BRC-20 tokens had a strong growth.

With Binance announcing support for users to trade Bitcoin Ordinals at the end of May, users can buy and sell Bitcoin NFT directly on the exchange without using a separate Bitcoin wallet.

Previously, Binance's Marketplace NFT platform integrated with other networks including BNB Chain, Ethereum, and Polygon.

“Bitcoin is the OG of crypto, we are excited to announce support for Bitcoin Ordinals on our NFT Marketplace platform Binance NFT,” said Binance Head of Product, Mayur Kamat.

Prior to Binance's announcement, OKX was another exchange that announced that it would be bringing Bitcoin orders into its marketplace and wallet ecosystem.

Besides the Bitcoin Ordinals craze, the crypto market has also seen a craze of BRC-20 tokens in recent days.

According to data from OrdSpace, there have been more than 11750 tokens issued on the Bitcoin network with the current market capitalization of BRC-20 tokens at nearly $700 million.

Immediately after the announcement of Binance, a number of tokens on the Bitcoin network also increased sharply such as Ordinals (ORDI) increased by nearly 50%, Bank (BANK) increased by nearly 24%, Piza (PIZA) increased by nearly 22%. With the announcement of Binance support. Support users to trade Bitcoin Ordinals at the end of May, users can buy and sell Bitcoin NFT directly on the exchange without using a separate Bitcoin wallet.

Previously, Binance's Marketplace NFT platform integrated with other networks including BNB Chain, Ethereum, and Polygon.

“Bitcoin is the OG of crypto, we are excited to announce support for Bitcoin Ordinals on our NFT Marketplace platform Binance NFT,” said Binance Head of Product, Mayur Kamat.

Prior to Binance's announcement, OKX was another exchange that announced that it would be bringing Bitcoin orders into its marketplace and wallet ecosystem.

Besides the Bitcoin Ordinals craze, the crypto market has also seen a craze of BRC-20 tokens in recent days.

According to data from OrdSpace, there have been more than 11750 tokens issued on the Bitcoin network with the current market capitalization of BRC-20 tokens at nearly $700 million.

Immediately after the announcement of Binance, a number of tokens on the Bitcoin network also increased sharply, such as Ordinals (ORDI) increased by nearly 50%, Bank (BANK) increased by nearly 24%, Piza (PIZA) increased by nearly 22%.

On May 9, the total market capitalization of BRC-20 Bitcoin tokens surpassed $1 billion, with a total trading volume of $207.7 million in the past 24 hours. Some of the most notable deployed tokens include ORDI, NALS, VMPX, PEPE and MEME, with price variance of between +11% and -55% within the past day.

According to analysts at multichain wallet BitKeep, the BRC-20 token standard is a novel form of fungible token that “employs Ordinals and Inscriptions to create and manage token contracts, token minting, and token transfers, which are stored on the Bitcoin base chain.” Ordinals is a numbering system that assigns a unique number to each satoshi, or 0.00000001 Bitcoin BTC$27,617, enabling its tracking and transfer. Meanwhile, the “inscription” process adds a layer of data to each satoshi, allowing users to create unique digital assets on the Bitcoin blockchain.

The BRC-20 token standard was developed by Twitter user Domo on March 8. Currently, there are over 14,000 BRC-20 tokens deployed on Bitcoin compared to an estimated 400 million tokens on Ethereum. Despite its traction, BitKeep researchers wrote, “BRC-20s creator has openly stated that the standard is worthless and that users should not waste money mass minting this fun experiment.”

On May 8, BitKeep announced that it would soon support the ordinals protocol and BRC-20 protocol on its mobile and plugin-extension platforms. A new Bitcoin NFT section will also be included in the BitKeep NFT marketplace, allowing for the display, minting, transfer and trading of BTC NFTs based on the ordinal protocol. Developers wrote: “BitKeep will continue to monitor new protocols, such as BRC-21, and provide more diverse support and services based on market trends and user demands.”

Despite being enthusiastic about its outlook, Trust Wallet does not support Bitcoin ordinals. Meanwhile, MetaMask added a new feature allowing users to store ordinals in February.

Cryptocurrency

hardware wallet provider Ledger also supports the ordinals protocol.