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Inscription tokens continue to rise, is the wealth effect still ongoing?

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With the prosperity of the BRC-20 ecosystem, the cryptocurrency market has welcomed a bull market frenzy. Investors are flocking to the market in pursuit of new investment opportunities.

Original author: Martin TALK

As the Federal Reserve clearly signals a rate cut, the entire capital market has started a frenzy, and the cryptocurrency market is no exception. Bitcoin has returned to the year's high of $43,000. The popular token market for inscriptions continues to be hot. RATS, SATS, MUBI, TURT, ALEX, and others have all experienced varying degrees of growth, with an average increase of over 40%.

Bull market catalyst, BRC-20 has significant wealth effect

BRC-20's ecological prosperity has become a catalyst for this round of bull market. The reason behind this is that the birth of BRC-20 provides investors with a new investment tool. Due to its unique mechanism and potential for returns, it has attracted a large number of investors. This wealth effect is not limited to individual investors. For the entire market, the launch of BRC-20 has also brought significant activity and trading volume. Previously inactive markets have become active and trading volume has increased significantly due to the emergence of BRC-20. For example, with the launch of BRC-20 on trading platforms such as OKX and Bitget, trading volume has rapidly increased, attracting more investors and traders. According to the latest data released by Bitget, its spot market trading volume has increased by 82%.

Bitget, the touchstone of BRC-20 track

And in this feast of wealth about inscriptions, Bitget, OKX and other early entrants are undoubtedly among the biggest winners. With the listing of multiple BRC-20 tokens, a clear wealth effect has been formed. Taking Bitget as an example, the recently listed MUBI and TURT have brought huge wealth effects.

MultiBit is the first bi-directional cross-chain bridge designed to facilitate cross-network transfers between BRC20 and ERC20 tokens. After being listed on Bitget, MUBI opened at $0.07 and reached a high of $0.16, with a current price of $0.1444, an increase of over 106%. Another project worth noting is Turtsat, a community-driven open platform whose mission is to become the Gitcoin of Ordinal, providing everyone with a space to build, donate, and influence Bitcoin Ordinal & BRC-20 through Turtsat. Similarly, after being listed on Bitget, TURT's price skyrocketed. TURT opened at $0.01 and reached a high of $0.0449, with a current price of $0.0387, an increase of over 287%.

Early entry, Bitget explores multiple potential projects

As early as April of this year, Bitget began to lay out the BRC-20 track, and successively launched several early popular BRC20 ecological projects, such as PEPE, ORDI, BIP1, etc. For the leader of the Inscription track, ORDI, Bitget first launched it on May 10th this year, with an initial price of only $1. With the launch of ORDI on Binance, its price has risen by 5500%. Similarly, SATS, which has recently sparked heated discussion and attention in the community, was launched by Bitget on November 9th, and its price has risen by 769% a little over a month later with the launch of SATS on Binance. In order to facilitate users to trade more popular BRC-20 tokens more easily, Bitget has also launched a trading zone for BRC-20 tokens, currently supporting multiple popular BRC-20 tokens.

Summary

In short, with the prosperity of the BRC-20 ecosystem, the cryptocurrency market has ushered in a bull market frenzy. Investors have flocked to the market in pursuit of new investment opportunities. Early entrants like Bitget have become one of the biggest winners by launching multiple popular BRC-20 tokens, providing investors with more trading options and opportunities. However, we also need to be aware that there are still risks and uncertainties in the cryptocurrency market. Investors need to remain rational, invest prudently, and avoid blindly following the trend.