TL;DR
This week’s Wealth Mastery Guide will focus on the growing list of new tokens causing chaos on the Bitcoin network. In this Altcoin Gems: Top 5 BRC20 Edition, we’ll discuss some of the top performers and most interesting projects created using the Bitcoin Ordinals BRC20 software. For those unfamiliar with this technology and how it’s affecting the Bitcoin market, check out our BRC20 Token Guide. As a quick summary, BRC20 tokens have exploded recently due to how easy it is for anyone to create and issue tokens using Bitcoin. With a couple of dollars in BTC and a Bitcoin Ordinals Wallet, you can mint any token desired and trade them on the Bitcoin blockchain. While the technology is still in Beta with an extremely limited use case, it hasn’t stopped the degen army from issuing over 30,000 new tokens.
It’s important to recognize that this technology is extremely experimental. As noted by its creator, BRC20 was designed only to illustrate how assigning data on the Bitcoin Network “could” work. This is something that has not been accepted with open arms by the Bitcoin community. As the majority of tokens listed in this article have no real value “yet.” Many see this experiment as a waste of precious Bitcoin resources. So much so that Bitcoin developers are already coming up with creative ways to void the existence of the BRC20 market altogether. While this hasn’t happened yet, it’s something you’ll need to pay very close attention to when deciding if buying and trading BRC20 assets is right for you.
As with any new technology, being a first mover does not automatically guarantee success. This has been made apparent throughout the last 30 days with the BRC20 market going from a one Billion dollar market cap to its current position of less than 300 Million. With all of that out of the way, let’s dive into the Top 5 BRC20 tokens in the market and discuss what each one brings to this developing new use case for Bitcoin.
Ordinals Software
- Ticker: ORDI
- Market Cap: $220 Million
- Holders: 11,500 Addresses
- Token Supply: 21 Million
As the initial proponent of this new technology, it would only seem natural that the ORDI BRC20 token market cap is leaps and bounds ahead of anything else in this emerging market. In fact, if you were to add up the value of all other BRC20 tokens available, they would equal less than half the total value ORDI has captured. Something that has a lot to do with being the first, if not the only BRC20 token listed on major exchanges. Providing liquidity and easy access for trading, a luxury most BRC20s don’t have.
But, perhaps the biggest reason that ORDI has positioned itself in the lead is due to the token being a requirement for issuing Ordinal NFTs, What are Ordinal NFTs? This gives ORDI an absolute monopoly when it comes to BRC20 tokens and is the only BRC20, so far, with a definitive use case. ORDI also doubles as a governance token when it comes to proposals and the decision-making process for the direction of the Ordinals technology.
RedactedBTCNFT
- Ticker: OXBT
- Market Cap: $42 Million
- Holders: 20,500 Addresses
- Token Supply: 200 Million
The OXBT token was issued by the team at Redacted Bitcoin, a project that ▇▇▇▇ the ▇▇▇ on Bitcoin. If you’re scratching your head don’t worry, you’re not the only one. This…
Jesse is a passionate seeker of truth who enjoys educating others about Bitcoin.
As a free thinker and 2nd amendment advocate, Jesse believes each individual has the right to monetary freedom.
“The swarm is headed towards us” -Satoshi Nakamoto
