The world’s largest cryptocurrency Bitcoin (BTC) has recently come under strong selling pressure as gas fee shoots up significantly. As of press time, Bitcoin (BTC) is trading at $27,558 with a market cap of $533 billion.
Interestingly, despite the current selling pressure, it turns out that retail players have been accumulating Bitcoin at every step. Citing data from Glassnode, popular crypto analyst Lark Davis explains:
The purchases from Bitcoin shrimp (holders w/ less than 1 BTC) is currently out stripping the amount of BTC produced each month. Just small retail is eating all the new supply! Insane!
On the other hand, Bitcoin whales have also continued with accumulation since the beginning of 2022. However, they have been offloading their supply recently with BTC already gaining more than 75% since the beginning of the year.
Bitcoin’s BRC20 Tokens Reach $1 Billion Market Cap
The Bitcoin network has been recently flooded with activity from Bitcoin Ordinals aka Bitcoin NFTs which has resulted in a sharp surge in the Bitcoin network gas fee.
CrytoQuant analyst Alex explains that Bitcoin is currently under siege from the BRC20 junk coins leading to record high fees and thousands of unconfirmed transactions. However, on-chain data shows that the total number of unconfirmed transactions has dropped below 400,000 from nearly 500,000 over the weekend.
“Unlike conventional token standards, such as Ethereum’s ERC-20, BRC-20 does not utilize smart contracts and operates only with wallets supporting the #Bitcoin blockchain,” writes Alex.
Amid the recent strong activity, the market cap of BRC20 tokens has exceeded $1 billion, with 24-hour trading volumes exceeding more than $200 million. Some of the prominent BRC20 tokens on the radar are ORDI, NALS, VMPX, PEPE, and MEME. All these tokens have shown wide volatility with prices fluctuating between +10% to -55%.
Twitter user Domo developed the BRC20 standard earlier this year on March 8. Nearly, 14,000 BRC20 tokens have been existing on the Bitcoin blockchain currently.
A number of top exchanges like Binance and Gemini have recently rushed to offer support for Bitcoin Ordinals amid its strong demand.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Leave a Reply