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The Market Capitalization of BRC-20 Tokens Temporarily Surpass $1 Billion

The Market Capitalization of BRC-20 Tokens Temporarily Surpass $1 Billion

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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What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained) What is FUD in Crypto? (Fear, Uncertainty & Doubt Explained)

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.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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