Home
News
- 1 Bitcoin-based BRC-20 tokens including ORDI, TRAC, and MEME saw a massive price surge in the daily time frame.
- 2 The overall sector rose over 20% in the last 24 hours.
- 3 Bitcoin Ordinals startup Taproot Wizard saw a seed funding of $7.5 Million.
The emergence of Bitcoin (BTC) brought a revolution in the finance industry that did not stop there. The Bitcoin blockchain network saw an influential update in the form of Inscriptions on the Bitcoin Ordinals Protocol. Recently, these Bitcoin blockchain-based BRC-20 tokens saw a significant surge in their price. Some of them even rose above 90% in the wake of the surge spree due to exchange-traded funds.
The exchange traded-funds (ETFs) are one of the aspirational financial products for the broader crypto industry. This year the expectations surged after prominent traditional finance players such as BlackRock, Fidelity Investments, Invesco, and several others filed for spot Bitcoin ETFs with the SEC.
Bitcoin (BTC) saw an uptick in value and the soaring of BRC-20 tokens prices could be the result of the same optimism.
Trading prices of prominent BRC-20 tokens increased in the last 24 hours. TRAC saw a massive jump of 93% and remained the top gainer within the sector. MEME token jumped 69% and NALS traded 36% higher than the price a day before. The overall Bitcoin-based crypto assets sector gained over 20%.
Meanwhile, Bitcoin’s price is trading at $38,287 after losing 3% in a similar time frame.
Other than this recent collective rise in BRC-20 tokens value, one of the leading tokens of Ordinals Protocol, ORDI price reportedly jumped 50% earlier this month. The price hike came in the wake of the token’s listing on major cryptocurrency exchange Binance.
BRC-20 tokens emerged as a unique way to make tokens on the Bitcoin network. These tokens are similar to digital coins that one can use for different things. The tokens are called inscriptions that are based on Ordinals protocol and they can store data about digital art in them. The data is stored in the Bitcoin network by using small amounts of Bitcoin.
Ordinal trackers such as OrdSpace suggest that the overall number of BRC-20 tokens hit more than 37,000. This shows the sector saw massive growth within a year of launch.
Bitcoin Ordinals Startup Taproot Wizards Raises $7.5 Million
Taproot Wizard, a known Bitcoin Ordinals startup, reportedly raised $7.5 Million in seed funding round. Venture capitalist firm Standard Crypto led the funding round participated by Geometry, Collider Ventures, StartWare, UTXO Management, Bitcoin Frontier Management, and several others.
According to TechCrunch, the Bitcoin-focused Ordinals project will have a limit of 2,121 wizards mint. The number was chosen to pay homage to the 21 Million total supply of BTC. Currently, only 20 Taproot Wizards are in circulation which accounts for even less than 1% of the total supply.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
