- ORDI’s market capitalization has crossed the $1 billion mark.
- The price recently reached an all-time high.
BRC20 meme coin Ordi [ORDI] has reached a major milestone and become the first Bitcoin [BTC] BRC20 token to surpass $1 billion market cap.
AMBCrypto found that the altcoin’s price rose to an all-time high of $63 during the intraday trading session on December 5. At the time of writing, ORDI was exchanging hands at $60, still registering a 24% price increase over the past 24 hours.
According to CoinMarketCapthe value of the token has increased by more than 200% in the past week. This has made it the crypto asset with the most gains in the past seven days, according to the cryptocurrency price tracker.
ORDI puts pressure on the Bitcoin network
The increase in ORDI’s value is due to the general uptick in trading activity around BRC-20 tokens in recent days. According to data from Dune AnalyticsOn December 3, the minting of BRC20 tokens peaked at 450,000.
As a result, the Bitcoin network has become overloaded with unconfirmed transactions clogging the meme pool. According to data from mempool.spaceat the time of writing, more than 267,000 transactions were waiting for confirmation on the Bitcoin network.
The memory pool, the temporary storage space for ongoing transactions, was 1.54 GB at that time, significantly more than the 300 MB capacity.
Source: mempool.space
Activity around registrations on the Bitcoin network has pushed average transaction fees on the blockchain to their highest level since April.
At the time of writing, data was retrieved from BitInfoCharts showed that the average BTC transaction fee was $19.48. The last time transaction fees on the Bitcoin network were this high was in May.
Source: BitInfoCharts
ORDI is the talk of the town
While many continue to benefit from ORDI’s price rise, a review of the token’s performance on a daily chart revealed that it has seen tremendous demand in recent days.
Read Ordis [ORDI] Price prediction 2023-24
Signaling that the market has become overheated, the Relative Strength Index (RSI) and Money Flow Index (MFI) were spotted at overbought highs at the time of writing.
ORDI’s RSI was 86.43, while MFI was 96.31. However, it is important to note that at these values, these indicators indicate that there is too much buying pressure and the asset is likely to experience a price decline.
Source: TradingView