Trading Ordi on future at Bybit

The BRC-20 standard (BRC stands for Bitcoin Request for Comment) was introduced in April to allow users to issue transferable tokens directly through the network for the first time. The tokens, called inscriptions, function on the Ordinals Protocol. That protocol allows users to embed data into the Bitcoin blockchain by inscribing references to digital art into small bitcoin-based transactions.

Ordi is a cryptocurrency that uses the Ordinals protocol to write information to each Satoshi, the smallest unit of Bitcoin. Ordi is the first BRC-20 token on the Bitcoin blockchain, and it has a total supply of 21 million coins.

Ordi is a meme token that has no intrinsic value, but it has gained popularity and market capitalization due to its novelty and innovation.

How Does Ordi Work?

Ordi works by using the Ordinals protocol, which allows users to inscribe data, such as text, images, audio, and video, to each Satoshi. The inscription does not require a separate token, a side chain, or changing Bitcoin itself.

The Ordinals protocol simply adds information to each Satoshi, creating NFTs and tokens on the Bitcoin network. Due to the low block size limit of Bitcoin, the main information for inscribe is mainly text and images.

Earlier this month, ordi (ORDI), a token tied to the Ordinals Protocol, was listed on influential exchange Binance, fueling a 50% price jump within hours although it's been trading on bybit since list but Binance brought in the liquidity. That helped spur bullish sentiment for BRC-20 tokens among traders, who hypothesized the Bitcoin token ecosystem could be a new avenue to search for profits.

Data from Ordinals tracker OrdSpace shows over 37,000 BRC-20 tokens exist as of Tuesday.

For the past few days I have been swing trading this coin longing from $41 - $46 taking profit at $53-58$ the coin follows the momentum of the Bitcoin price, and the when bitcoin pumps it also pumps and when it drops like wise.

Information was source from

Coindesk.com

Medium.com