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- Bitcoin has returned to the $28.6K range.
- According to sources, there are a total of 3,277,494 inscriptions recorded on Bitcoin Ordinals.
- BRC-20 is the new experimental token standard associated with Bitcoin Ordinals since March 2023.
Bitcoin (BTC) has rebounded to its highest level in 16 months on the Greed Index. Notably, optimistic BTC traders contributed to a 16% increase in the fear and greed index — rising from 55 to 64 — within the last 24 hours. The leading cryptocurrency experienced a 2.25% increase, exceeding the $28,600 mark.
Following a brief dip below $29K on April 30, Bitcoin (BTC) fluctuated between $27,700 and $28,600. This fluctuating behavior of the leading cryptocurrency in a near-consolidation phase diminished the excitement and trend. Meanwhile, various memecoins, including SHIB and PEPE, captured the attention of the crypto community, shifting enthusiasm away from Bitcoin.
During the gradual BTC rally, Bitcoin Ordinals and the new experimental token standard BRC-20 appear to be gaining traction, particularly on Crypto Twitter.
Bitcoin Ordinals and BRC-20 Gain Popularity
Protocols, new implementations, and tokens associated with the crypto pioneer have led to the emergence of new significant highs. Notably, Bitcoin Ordinals inscriptions are at the forefront. In the past 24 hours, total inscriptions increased by 6%, rising from 3.06 million to 3.26 million.
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Additionally, the daily count of Ordinals inscriptions surged by over 310% — from 47,944 to 372,832 on May 1, according to Dune analytics. Plain text accounted for the highest number — 2,590,987 inscriptions.
Secondly, there is growing recognition of the BRC-20 token standards. This token standard was developed by a pseudonymous analyst named Domo for the creation of fungible tokens on the Bitcoin blockchain. It was introduced in early March as merely an “experiment.”
The relationship between BRC-20 and Bitcoin Ordinals is significant, as the former utilizes the latter’s inscriptions for the deployment of token contracts. Interestingly, memecoins are also prevalent among the active BRC-20 tokens, with the viral PEPE currently in second place. At the time of this report, 92,159 BRC-20 tokens had been minted.
A well-known Twitter user and Ordinal enthusiast @LeonidasNFT remarked:
“Ordinals and BRC-20 are exposing that Bitcoin block space is the most scarce asset on planet Earth.”
Additionally, another metric — the Bitcoin hashrate — reached a new high of 480.47 EH/s on Tuesday. Furthermore, the Bitcoin-based cryptocurrency Stacks (STX) increased by more than 13% in the last 24 hours.
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