The world of the cryptocurrency market is constantly evolving, with the latest and exciting development emerging every day. One such development that has taken the crypto space by storm is the rapid rise of Bitcoin’s BRC-20 tokens.
For the past two months, the BRC-20 token fever has been raging in the crypto realm. BRC-20 tokens are a prototype token standard inspired by ERC-20 on the most relevant Bitcoin blockchain. Because of BRC-20, developers can currently mine and trade fungible tokens using the Ordinals protocol.
According to brc-20.io statistics, there are presently 14,307 tokens on the crypto market that use the BRC-20 standard, including ORDI, PEPE Coin, MEME, SHIB, and many others.
In a short period of time, the whole market capitalization of BRC-20 tokens reached the $1 billion milestone. At the time of writing, the market capitalization is $1.05 billion. Meanwhile, in the previous 24 hours, trading volume surged to $207.2 million.
The vibrant and ever-evolving world of cryptocurrency has witnessed a remarkable surge in the market cap of BRC-20 tokens, primarily fueled by the memecoin frenzy. Among the popular memecoin, PEPE has emerged as the top traded BRC-20 tokens, driving the overall growth in this space.
In the last few weeks, the market valuation of the BRC-20 coin has increased by approximately 600%. As a consequence, the average transaction fee on the Bitcoin blockchain has roughly 5X risen in the previous 15 days, hitting a two-year high of $9.61 on Friday.
