Bitcoin BRC-20 tokens near $1.5 billion market cap amid inscription frenzy

Quick Take

The BRC-20 tokens, a token standard on the Bitcoin blockchain, have witnessed an unprecedented resurgence in trading volume and price. This resurgence became notably evident on May 8, 2023, when the total market cap of BRC-20 tokens approached a significant $1 billion.

Currently, the BRC-20 ecosystem, consisting collectively of 214 tokens, nears an even more impressive market cap of $1.5 billion.

Ordinals, the highest market cap currently at $460 million, stands out among these tokens. The value of one Ordinals token stands at $21, which is quite close to its all-time high of $29. This specific surge in the value of Ordinals, and consequently BRC-20 tokens, can be attributed to the frenzy surrounding the inscription over the last few weeks.

Yesterday, Nov. 12, marked an unprecedented milestone with over 500,000 inscriptions registered in a single day. This significant tally surpasses the peak of any previous day during the ongoing Inscription frenzy, pushing the total count beyond 40 million.

Inscriptions New Count: (Source: Glassnode)

The proportion of total transactions associated with Inscription files came close to reaching a staggering 70%. This indicates that the recent transaction surge is predominantly driven by Inscription activities.

Inscriptions Transaction Count Share: (Source: Glassnode)

The post Bitcoin BRC-20 tokens near $1.5 billion market cap amid inscription frenzy appeared first on CryptoSlate.

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