BRC-20 Inscription Growth Key for Bitcoin’s Continued Dominance in 2023 The cryptocurrency market
witnessed a remarkable recovery in 2023 with a staggering 109% year-over-year (YoY) surge. However, what captured the attention of the Binance Research team
was the notable growth of the BRC-20 token standard throughout the year.
In their 140-page report,
the research arm of the world’s largest crypto exchange revealed that Ordinals, Inscriptions, and BRC-20 token standards played a pivotal role in the resurgence of the foremost blockchain network. According to the report, these three-tiered systems, which introduced more functionality
to the largely rigid decentralized value exchange protocol, led to the creation of a “new era for Bitcoin” in 2023. Providing the requisite data to back up its claims,
the Binance Research team stated that Bitcoin boosted its market dominance from 40.4% to 50.2%, all thanks to the
BRC-20-powered tokens and inscriptions. The Bitcoin network,
famously introduced in 2008 and launched in 2009 by pseudonymous founder Satoshi Nakamoto, has been fixated on enabling a permissionless value
transfer ecosystem.
