ORDI Rockets To Unprecedented Peaks Alongside Bitcoin’s $42,000 Breakthrough

Christian Encila

1 year ago

3 mins read

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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.

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.

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).

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.