BRC-20 Tokens Are Hottest New Crypto Segment as Bitcoin’s “New Era” Gains Momentum

BRC-20 tokens are the latest craze on the market as cryptocurrencies in the segment surge and the “new era” for bitcoin signaled by a Binance Research report this month gains momentum.

The asset category is bringing new possibilities to the bitcoin blockchain and has become an outlier in the market. The tokens are rallying amid widespread market pessimism as enthusiasm around spot btc exchange-traded funds (ETFs) fades, leading investors to look elsewhere for profits.

BRC-20 token trading volume has soared 10-fold since November to more than $500 million this month, Paris-based blockchain analytics firm Kaiko Research said in a Jan. 15 report. He attributes much of the increase to crypto.news/tag/binance/” target=”_blank” rel=”noreferrer noopener”>binancewhich launched spot and perpetual futures trading for tokens including ORDI, SATS and RATS.

The development follows a report by Binance Research which said BRC-20 enrollment tokens ushered in a “new era” for bitcoin last year, while acknowledging the skepticism that had been seen around bitcoin Ordinals.

The BRC-20 ecosystem will be crazy in 2024.

I am very optimistic about the BRC20 ecosystem and every good ecosystem needs a seamless bridge where you can move tokens across chains. @OrdBridge makes this possible!
You can transfer BRC-20 tokens between the native btc chain and ethereum… pic.twitter.com/W34kLZUTUU

– Cryptocurrency Trainer (@WisdomMatic) January 9, 2024

The report also acknowledges that inscriptions of bitcoin Ordinals and BRC-20 tokens influenced both the growth and dominance of bitcoin in 2023. In particular, one of the biggest success stories of BRC-20 tokens is Pepe Coin ( PEPE), built on the BRC-20. standard and which became a meme currency sensation last year.

BRC-20 Tokens Emerging from the Heart of the bitcoin Blockchain

Designed for use with bitcoin, BRC-20 tokens have opened the btc ecosystem and its blockchain to opportunities for creating digital assets and tokenization. With this, the sector has expanded the usefulness of btc beyond simple digital currency.

The BRC-20 token standard is an experimental token standard that uses unique ordinal inscriptions (rather than smart contracts) to enable their minting and transfer on the bitcoin blockchain.

However, with a market capitalization of $3.4 billion and a 24-hour trading volume of $543 million,… pic.twitter.com/sKM32WsiBf

— CILLIONARIO.COM (@cillionaire_com) January 16, 2024

For the layman, BRC-20 tokens are an experimental token standard that mint and transfer fungible tokens on the bitcoin blockchain through ordinal inscriptions. While it is somewhat similar to ethereum's ERC-20 token standard, the features are different.

There are several compelling reasons why BRC-20 tokens have the potential to become a major player in reshaping the industry in 2024.

The most important reason is that the token standard can take advantage of the security and liquidity of bitcoin. Secondly, it also addresses ethereum's challenges, including scalability and gas fees, which have caused investors to shift attention to the Solana blockchain.

But because the ecosystem is still experimental, it may be prudent to interact with BRC-20 tokens with caution for now. Long-term success relies heavily on community adoption and innovation, which is a low bar considering the bitcoin community already has that working in spades.

BRC-20 Hype Avalanche Registrations

Amid the BRC-20 signups and the bitcoin Ordinals hype, a new standard, Avalanche signups or ASC-20 tokens, is also in the spotlight. Evidence of this was seen when Bitget Exchange hosted a Twitter slot on January 15 that attracted 585,000 listeners.

https://t.co/cbyKxdUDG1

— Chinese Bitget | One-click tracking (@Bitget_zh) January 15, 2024

Among those in attendance was AVAV chief operating officer Ori, who said the project roadmap would follow in the footsteps of the BRC-20 assets. AVAV is Avalanche Avascriptions Enrollment Token. The AVAV executive revealed that there were more than 100 registrations on the Avalanche blockchain since its inception in June 2023.

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