The $ORDI cryptocurrency token, intricately intertwined with the $BTC Ordinals protocol, has experienced a substantial surge in price over the past 24 hours. This surge in the token's value closely follows the conclusion of Bitcoin's fourth halving event, which occurred during the early trading hours of April 20th, and the introduction of the innovative Runes Protocol.
The brainchild of Bitcoin Ordinals originator, Casey Rodmarmor, the Runes Protocol introduces a novel method for generating fungible tokens on the Bitcoin blockchain. Its unveiling coincided with the Bitcoin halving event, triggering a notable escalation in transaction fees as users eagerly sought to "etch" and mint new tokens on the network. As per Rune Alpha's latest data, a total of 1447 Runes had been "etched" onto the Bitcoin network at the time of publication, with a staggering $16.41 million expended on associated fees.
