ORDI Rockets To Unprecedented Peaks Alongside Bitcoin’s $42,000 Breakthrough
December 05 2023 - 12:35AM
NEWSBTC
The value of ORDI has increased significantly during the last week,
more than tripling, following an astonishing climb. This noteworthy
increase aligns with the upward trend of Bitcoin’s value, adding to
the cryptocurrency’s recent surge in popularity. A remarkable
occurrence was the overnight rise of ORDI to an unprecedented
all-time high, which injected excitement into its recent
performance. Based on the Ordinals protocol of Bitcoin, the token
is by far the largest BRC-20 asset. It reached a new peak price of
$49.05 today, according to CoinGecko data, after rising 16.3% over
the previous day and an astounding 148% over the previous seven
days. The fact that ORDI has increased by more than 500% during the
past 30 days is similarly astounding. Related Reading: Solana TVL
Balloons To Over $600 Million – What This Means For SOL Price ORDI
Surges: Technicals Mirror Bitcoin’s Bull Market The market value of
ORDI has increased by more than 380% in the past year. These
performance gains have demonstrated a significant relationship with
the characteristics of the Bitcoin market, raising the prospect
that ORDI may follow Bitcoin’s lead during the bull market.
Furthermore, one important technical indication is to support the
optimistic viewpoint. The 4-hour chart’s Moving Average Convergence
Divergence (MACD) and Relative Strength Index (RSI) both show
positive movements. ORDIUSD currently trading at $48.82 territory
on the daily chart: TradingView.com Interestingly, the RSI
reached 90.24, indicating an overbought state that can
indicate a possible decline in price. On the other hand, the MACD’s
bullish momentum suggests that there is still buyer interest and
that the price will probably continue to rise. ORDI has had
tremendous growth since its founding as a technical experiment on
Bitcoin in early 2023. With a $903 million market capitalization,
ORDI is the most valuable cryptocurrency by market valuation,
ranking it 63rd overall and first within the BRC-20. Regarding
social dominance, Santiment data indicates that ORDI has had an
upward trend. ORDI Doubles In A Week Alongside Bitcoin’s 20-Month
Highs ORDI’s recent surge, fueled by adoption from major exchanges
like Binance and OKX, saw its largest increase in the past week,
doubling in price. This coincided with Bitcoin reaching its highest
point in 20 months, exceeding $42,000. Bitcoin’s 20% rise over the
past month, currently at around $41,800, further emphasizes the
synchronized momentum of both cryptocurrencies since ORDI’s launch.
Source: Dune Analytics Thanks in part to increased activity on the
Ordinals protocol, market analysts continue to have a positive
outlook for ORDI. With a varied content library and over $46
million in total inscriptions as of writing, ORDI’s popularity
inside the Bitcoin network has increased in tandem with the rise in
transaction fees. It is a crucial component of the network. Related
Reading: Ethereum Breaks Through $2,200 Ceiling, Investors Expect
$3,000 This Week Source: Coincodex Meanwhile, Coincodex predicts a
104% increase to $55.74 during the course of the following year.
ORDI would have reached a new all-time high following its most
recent breakout, which coincided with price discovery. (This site’s
content should not be construed as investment advice. Investing
involves risk. When you invest, your capital is subject to risk).
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