Insights
Aster’s perpetuals daily volume edges past Hyperliquid with over $12 billion trading surge Metaplanet outpaces Strategy with significant Bitcoin acquisition despite share slump Bitcoin’s volatility drops below Nasdaq 100 firms as maturation marks milestone Stablecoins could face yield compression after Fed’s rate cut Solana dips 6.5% then trims losses to $236
Home ▸ Insights ▸ Bitcoin ▸
This article is more than 2 years old...

BRC-20 tokens lose $600 million in market cap within four days

Data via Glassnode

BRC-20 tokens' market cap plunges from $1 billion to $385 million — decline in Bitcoin fees per block plays a crucial role in this change.

James Van Straten
May. 12, 2023 at 12:30 pm UTC
1 min read
Updated: May. 22, 2023 at 5:55 pm UTC

Quick Take

  • On May 8, CryptoSlate reported that BRC-20 tokens hit a $1 billion market cap due to the soaring Bitcoin fees that miners were receiving.
  • Yesterday, CryptoSlate reported that inscriptions might have run their course, with the average fee paid per block down from six Bitcoin to one Bitcoin.
  • BRC-20 tokens now have around $385 million in market cap — which has seen a substantial market cap drop in the past few days.
BRC-20: (Source: BRC20)
BRC-20: (Source: BRC20)
Average fee paid per block: (Source: Glassnode)
Average fee paid per block: (Source: Glassnode)

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

In this insight
Bitcoin BTC (24h)
$89,181.75 +1.18%
Vol: $25.72B MCap: $1.78T

Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.

More about Bitcoin

Glassnode

Research • Europe

Glassnode brings data intelligence to the blockchain and cryptocurrency space.

More about Glassnode