Ordinal coins are a relatively new innovation in the crypto space, but ORDI, the cryptocurrency that bears the name of the ordinal coins, has become a bear market.
According to the latest market data provided by CoinCodex, the token’s value has dropped by almost 5% over the past 24 hours despite Bitcoin gaining 11% over the past week.
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Although the market looks bullish for Bitcoin and the market as a whole, the ordinal coins seem to be going against the trend. Analysts are hoping that the ordinal coins are on a potential bullish breakout path, but this seems unlikely.
While the standard BRC-20 tokens follow the general market trend, ORDI itself is lackluster, offering no other utility, unlike others in the same category. But its utility in bringing NFTs to the Bitcoin blockchain could add some value to the mix.
A recent “State of the Union” study conducted at Christie’s Art & Technology Summit showed that NFT Market Relationship Although the traditional art world is going through a transitional phase.
“We know there is an opportunity for provenance here,” Pace Gallery CEO Mark Glimcher said at the event. “We all know that and we all know that the art world resists that because it suggests transparency, which we say we want but we don’t really want.”
If Bitcoin Ordinals continues to attract developers to its platform, expanding the codebase on Github, there may be a chance that increased development for the open source platform will lead to higher overall adoption of the BRC-20 standard, which will increase investor confidence towards the asset.
Is ORDI 50 price closer than expected?
Although volatility is often a double-edged sword, ORDI bulls are in a great position to push the token to its limits; at the time of writing, ORDI It achieved a strong rise of 26%. In the weekly framework. At $41.33, the price is offering little resistance to the overall positive market sentiment, which could lead to a bullish takeover over the next couple of days.
ORDI price up in the weekly frame. Source: Coingecko
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Once that happens, the odds of ORDI hitting $50 in the next few weeks are high. But the high volatility also means that this buildup will be a gamble for investors and traders as more and more analysts are looking for a bigger breakout in the long term.
This scenario is highly dependent on the overall market rally that may or may not occur over the next few weeks. Investors and traders should monitor the market and look for other opportunities before considering a return to ORDI.
Featured image by Pexels, chart by TradingView
