As Bitcoin’s “New Era” picks up steam, BRC-20 tokens are the newest and most popular cryptocurrency

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20 Jan 2024

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As the market’s cryptocurrencies soar and the “new era” for Bitcoin, hinted at in a Binance Research report this month, intensifies, BRC-20 tokens are the newest trend.
The asset class has emerged as a market outlier and is opening up new opportunities for the Bitcoin network. As investors shift their focus from spot BTC exchange-traded funds (ETFs) to other investment opportunities, the tokens are rising amidst the general market gloom.
The amount of BRC-20 tokens traded this month has increased by over $500 million, ten times since November, according to a research released on January 15 by Paris-based blockchain analytics company Kaiko Research. A large portion of the gain is attributed to Binance, which introduced perpetual and spot futures trading for tokens such as RATS, SATS, and ORDI.
The development comes after a report by Binance Research that acknowledged the scepticism surrounding Bitcoin Ordinals and claimed that BRC-20 inscription tokens ushered in a “new era” for the cryptocurrency last year.
BRC-tokens
The research also notes that BRC-20 tokens and Bitcoin Ordinals inscriptions had an impact on the rise and supremacy of Bitcoin in 2023.
Notably, Pepe Coin (PEPE), which was developed on the BRC-20 standard and gained popularity as a meme coin last year, is among the best examples of BRC-20 token success stories.
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Emerging From The Core of the Bitcoin Blockchain Are BRC-20 Tokens
BRC-20 tokens, which are intended to be used with Bitcoin, have created new potential for tokenization and the creation of digital assets within the Bitcoin ecosystem and blockchain. As a result, the industry has extended the use of Bitcoin beyond only virtual money.
In layman’s terms, BRC-20 tokens are an experimental standard for minting and transmitting fungible tokens via Ordinal inscriptions on the Bitcoin network. The functions are distinct, despite some similarities to Ethereum’s ERC-20 token standard.
BRC-20 tokens could be a significant force in transforming the business in 2024 for a number of strong reasons.
The ability of the token standard to capitalise on Bitcoin’s security and liquidity is the main justification. Second, it tackles the issues with Ethereum that investors have been focusing on the Solana blockchain, such as scalability and gas fees.
However, as long as the ecosystem is still in its experimental phase, it might be wise to employ caution when interacting with BRC-20 tokens. Long-term success is mostly dependent on innovation and community adoption, which is a low threshold given how well the Bitcoin community already does those things.
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BRC-20 token
Cascading Inscriptions Utilising BRC-20 Hype
A new standard known as Avalanche inscriptions, or ASC-20 tokens, is also receiving attention among the fervour around BRC-20 inscriptions and Bitcoin Ordinals. This was demonstrated on January 15 when Bitget Exchange held a Twitter Space that drew 585,000 participants.
Ori, the chief operating officer of AVAV, was present and stated that the project’s trajectory would be similar to that of the BRC-20 assets. The Avalanche inscription token Avascriptions is denoted by AVAV. More than 100 inscriptions have been made on the Avalanche blockchain since its launch in June 2023, according to the AVAV executive.
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