Ordinals are a relatively new innovation within the crypto space, but ORDI, the cryptocurrency with the namesake Ordinals, is within the reach of the bears.
According to the latest market data from CoinCodex, the token is down almost 5% in the past 24 hours, despite Bitcoin posting an 11% gain in the past week.
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Up and down the rabbit hole
While the market seems bullish for Bitcoin and the market as a whole, Ordinals appear to be going against the grain. Analysts are hopeful that ORDI is heading for a potential bullish breakout, but this seems unlikely.
While the BRC-20 standard tokens follow the general market trend, ORDI itself is boring and offers no other utility, unlike others within the same category. But its usefulness in bringing NFTs to the Bitcoin blockchain could provide some value to the mix.
A recent “State of the Union-style” meeting at Christie’s Art and Tech Summit showed that the The relationship of the NFT market with the traditional art world is in a transition phase.
“We know that there is an opportunity here to verify the origin. We all know it and we all know that the art world opposes it because it suggests transparency, which is what we say we want but don’t really want,” Marc Glimcher, CEO of Pace Gallery, said at the event.
If Bitcoin Ordinals continues to attract developers to its niche and continues to expand its codebase on Github, there is a chance that an increase in development for the open source platform will lead to an overall higher adoption of the BRC-20 standard, boosting confidence of investors will increase. towards the asset.
$50 ORDI closer than expected?
Despite volatility being a double-edged sword for the most part, ORDI bulls are in a great position to push the token to its limits; At the time of writing, ORDI had a solid rally of 26% in the weekly frame. And at $41.33, the price offers little resistance to the overall positive mood in the market, which could lead to a bullish takeover within the coming days.
ORDI price up in the weekly frame. Source: Coingecko
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Once this happens, ORDI will have a better chance of hitting the $50 mark within a few weeks. But the high volatility also means that this accumulation move will be a gamble for investors and traders, as more and more analysts expect a bigger breakout in the long term.
This scenario is highly dependent on the general market upswings that may or may not occur in the coming weeks. Investors and traders should monitor the market and look for other opportunities before considering a run back to ORDI.
Featured image from Pexels, chart from TradingView
