The temporary surge of the BRC-20 market capitalization did not last long.
BRC-20 Bitcoin tokens' market capitalization shortly exceeded $1 billion, with wallet providers like BitKeep prepping for integration.
On May 9th, BRC-20 tokens reached a total market capitalization of over $1 billion, boasting a 24-hour trading volume of $207.7 million. However, on May 10th, the market cap dropped to $847 million.
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Notable tokens in the mix are ORDI, NALS, PEPE, MEME, and PIZA with prices fluctuating between +46% and -15% in the last 24 hours.
BRC-20 is a fungible token standard designed exclusively for the Bitcoin blockchain.
The BRC-20 token standard, developed by Twitter user Domo on March 8th, now has over 14,000 tokens deployed on the Bitcoin blockchain, in contrast to approximately 400 million crypto tokens on the Ethereum blockchain.
Despite its growing popularity, the creator of BRC-20 has stated that the standard is essentially worthless and not to be taken too seriously.
BitKeep, however, announced on May 8th that it would soon support the Bitcoin Ordinals and BRC-20 protocols on its mobile and plugin-extension platforms. On top of that, BitKeep plans to add a Bitcoin NFT section to its NFT marketplace, giving users an opportunity to display, mint, transfer, and trade BTC NFTs.
While Trust Wallet remains skeptical about Bitcoin Ordinals, MetaMask introduced a feature for storing Ordinals in February, while cryptocurrency hardware wallet provider Ledger also added support to the Ordinals protocol.
The market cap of BRC-20 tokens temporarily surpassing $1 billion highlights the growing interest in this novel token standard, with wallet providers like BitKeep actively preparing to integrate and explore the technology's potential.