BRC-20 tokens to watch out for Bitcoin halving
- BRC-20 tokens have seen spikes in their prices on Thursday as Bitcoin price climbs above $70,000.
- The market capitalization of BRC-20 tokens is $3.51 billion, up nearly 9% on April 11.
- ORDI, SATS, PUPS, MUBI and ORDS prices rallied between 3% and 32% in the past day.
A BRC-20 token is an experimental fungible token standard similar to ERC-20 (native to the Ethereum blockchain). BRC-20 token standard is considered novel and uses ordinal inscriptions on the Bitcoin blockchain.
In the past day, the market capitalization of BRC-20 tokens has climbed to $3.516 billion, as of April 11. The tokens have noted a spike of nearly 9% in their market cap on Thursday.
BRC-20 tokens that see prices spike alongside Bitcoin price rally
Bitcoin price climbed to a high of $71,300 on Thursday, posting nearly 7.22% gains in the past week. The top 5 BRC-20 tokens by market capitalization are ORDI (ORDI), SATS Ordinals (SATS), PUPS Ordinals (PUPS), Multibit (MUBI), Ordiswap (ORDS).
Data from CoinGecko shows that BRC-20 token prices climbed between 3% and 32% on Thursday. While ORDI, SATS and ORDS prices climbed 7%, 3.1% and 6.9% respectively, PUPS and MUBI prices increased 32.1% and 13.4% on April 11.
BRC-20 token prices
A crypto analyst behind the X handle @arndxt_xo says that BRC-20 is the leading narrative in 2024, and with Bitcoin halving less than two weeks away, whales are heavily accumulating these BTC ecosystem tokens.
3/ With many benefits BRC-20 brings to the $BTC ecosystem, we're likely to see explosive growth leading up to the halving
— arndxt (@arndxt_xo) April 10, 2024
A BRC-20 season is inevitable.@SatoshiDEX_ai is expected to lead this charge and is showing massive potential
Typically, Bitcoin price rally catalyzes gains in ecosystem tokens as well. Traders can expect BRC-20 tokens to rally alongside BTC pre-halving if the trend from previous halvings repeats itself.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
