Bitcoin's Ordinal Inscriptions Hit Record High on BRC-20 Token Standard Launch

The recent release of the "Bitcoin Request for Comment" (BRC-20) token standard helped Bitcoin's Ordinal inscriptions achieve a new record high of 58,179 on April 2. Similar to Ethereum's ERC-20 standard, BRC-20 tokens use Ordinal inscriptions to set up token contracts, create tokens, and move tokens. The Taproot soft fork, which made it possible for Ordinals and BRC-20 coins to appear on Bitcoin, is thought to be the cause of the recent increase in Ordinals. The "Bitcoin NFT" market may reach $4.5 billion by 2025, according to digital asset investment company Galaxy Digital, despite the less than $10 million market cap of BRC-20 tokens.