ORDI’s value has risen significantly over the past week, more than tripling, following an astonishing surge. This notable increase matches the upward trend in Bitcoin’s value, contributing to the cryptocurrency’s recent rise in popularity.
A notable event was ORDI’s sudden rise to an all-time high, adding excitement to its recent performance.
Based on Bitcoin’s Ordinals protocol, the token is by far the largest BRC-20 asset. It reached one new peak price of $49.05 today, according to CoinGecko data, after rising 16.3% from the previous day and an astonishing 148% over the previous seven days. The fact that ORDI is up over 500% in the last 30 days is also astonishing.
ORDI Rises: Technical Data Reflects Bitcoin Bull Market
ORDI’s market value has increased by more than 380% in the past year. These performance improvements have demonstrated a significant relationship with the characteristics of the Bitcoin market, raising the prospect that ORDI will follow Bitcoin’s lead during the bull market.
Moreover, an important technical indication is to support the optimistic view. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the 4-hour chart are both showing positive movements.
ORDIUSD currently trading at $48.82 territory on the daily chart: TradingView.com
Interestingly, the RSI reached 90.24, indicating an overbought status that could indicate a possible price decline. On the other hand, the MACD’s bullish momentum suggests that there is still interest from buyers and the price is likely to continue rising.
ORDI has experienced tremendous growth since its founding as a tech experiment with Bitcoin in early 2023. With a market cap of $903 million, ORDI is the most valuable cryptocurrency by market valuation, ranking 63rd overall and first within the BRC-20.
In terms of social dominance, data from Santiment indicates that ORDI is a rising.
ORDI Doubles in a Week, Off Bitcoin’s 20-Month Highs
ORDI’s recent surge, fueled by the adoption of major exchanges like Binance and OKX, saw the biggest increase in the past week, doubling in price. This coincided with Bitcoin hitting a 20-month high of over $42,000.
Bitcoin’s 20% rise in the past month, currently around $41,800, further highlights the synchronized momentum of both cryptocurrencies since ORDI’s launch.
Source: Dune Analytics
Partly due to increased activity on the Ordinals protocol, market analysts remain positive about ORDI. With a diverse content library and more $46 million in total enrollments At the time of writing, ORDI’s popularity within the Bitcoin network has increased along with the increase in transaction fees. It is a crucial part of the network.
Source: Coincodex
In the meantime, Coincodex predicts a 104% increase to $55.74 over the next year. ORDI is said to have hit a new all-time high after the most recent breakout, which coincided with price discovery.
(The content of this site should not be construed as investment advice. Investing involves risks. When you invest, your capital is subject to risk).
Featured image from Freepik
