BRC20 Token Economy Thrives Amidst Crypto Downturn, Surging 53% in Five Days
As the crypto market experiences a downturn, with a 1.59% drop in the past 24 hours and hovering around $1.11 trillion, there is one sector that is thriving amidst the chaos – the BRC20 token economy. Built atop the Bitcoin blockchain, BRC20 has seen significant growth within the past five days, expanding from $279 million to over $427 million. This represents a 53% increase since May 7.
According to brc-20.io statistics, there are currently 14,450 BRC20 tokens in circulation, up from 13,530 four days prior. Dune Analytics data compiled by user “cryptokoryo” reveals that the number of BRC20 transactions totaled 4,809,532 on May 12 at 10:15 a.m. (ET).
Bitcoin miners have relished the additional fees contributed to the network’s block subsidy due to BRC20 tokens’ arrival and acceptance. Cryptokoryo’s BRC20 analytics indicate that since their inception, miners have accrued 987.34 BTC from BRC20 activities.
Although the BRC20 economy has bucked the downslope of the wider crypto market, BRC20 tokens have not been immune. In the past day, the BRC20 market declined from the $525 million range to its present $427 million value, an 18% loss. Yet, the BRC20 market still boasts approximately $206,477,610 in 24-hour volume, dominated by the token “ordi” concerning market valuation. A single ordi is trading hands for $11.56 per unit. Tokens vmpx, pepe, meme, and domo are hot on ordis’ heels concerning market capitalization size.
Alongside this burgeoning BRC20 economy, BRC20s, and Ordinal inscriptions have contributed to the Bitcoin blockchain’s current backlog. Although fees and unconfirmed transactions have decreased, between 280,000 and 310,000 unconfirmed transactions remain pending confirmation.
Despite the challenges, the BRC20 token economy has shown exceptional growth in the past five days. As the crypto market remains unpredictable, it will be interesting to see if BRC20 will continue to witness sustained growth or if it will buckle under pressure.