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BRC-20 tokens lose $600 million in market cap within four days BRC-20 tokens lose $600 million in market cap within four days James Van Straten · 2 years ago
Insights Bitcoin

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 / @jvs_btc / May. 12, 2023 at 12:30 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)
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James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

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