BRC-20 is gaining popularity! Bitcoin NFT sales surpass Ethereum by 1.6 times.

Jafar224

In recent times, not only has the price of Bitcoin been oscillating at new highs for the year, but after Binance listed tokens based on the Ordinal protocol, such as Ordinals, it directly incentivized a surge in the prices of various BRC-20 tokens like ORDI, SATS, RATS, with gains exceeding 100%.

Bitcoin NFT sales have surpassed Ethereum by 1.6 times recently, thanks to this boost. According to CryptoSlam data, Bitcoin's NFT sales in the past 24 hours reached a staggering $16.04 million, which is 1.6 times higher than Ethereum's $10.04 million. This significant increase in activity on the Bitcoin blockchain can be attributed to the fervor surrounding BRC-20 tokens.

As reported yesterday, the minting of Bitcoin inscriptions on November 12 reached a historic high, surpassing 505,000. Among them, text-based inscriptions represented by BRC-20 have accumulated over 40 million, accounting for 80%.

On the same day, daily Bitcoin mining rewards also exceeded $44 million, setting a new record in the past year and a half.

Regarding Bitcoin's price, Will, co-founder of Reflexivity Research, pointed out that according to Glassnode data, the open interest (OI) of Bitcoin options has exceeded an astonishing $16 billion, reaching a historic high. Some in the community speculate, based on data from TheBlock, that the current put-to-call ratio is below 1, indicating that most investors in the market hold bullish call options, reflecting an expectation of a rise in Bitcoin prices.

However, the new high in open interest also suggests that volatility could be significant, so investors should exercise caution.

Isha000

The existence of NFTs is becoming more convenient, leading to a growing consensus.

Yamini003

This multiplier is quite substantial.

Ritu13

As long as the momentum continues, there will definitely be more market opportunities.