The value of ORDI has increased significantly over the past week, more than tripling, following a stunning rise. This remarkable increase aligns with the upward trend in Bitcoin’s value, adding to the cryptocurrency’s recent rise in popularity.
A notable event was ORDI’s sudden rise to an all-time high, which injected enthusiasm into its recent performance.
Based on Bitcoin’s Ordinals protocol, the token is by far the largest BRC-20 asset. He reached a new maximum price of $49.05 today, according to CoinGecko data, after rising 16.3% from the day before and an incredible 148% over the previous seven days. Equally astonishing is the fact that ORDI is up over 500% in the last 30 days.
ORDI Surges: Technicals Reflect Bitcoin Bull Market
ORDI’s market value has increased by more than 380% over the past year. These performance gains demonstrated a significant relationship with Bitcoin market characteristics, raising the possibility that ORDI could follow Bitcoin’s lead during the bull market.
Additionally, an important technical indication is to support the optimistic view. The Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) of 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 state which may indicate a possible price decline. On the other hand, the MACD’s bullish momentum suggests that there is still buyer interest and the price will likely continue to rise.
ORDI has seen considerable growth since its inception as a technical experiment on Bitcoin in early 2023. With a market capitalization of $903 million, ORDI is the most valuable cryptocurrency in terms of market valuation, ranking it 63rd in the general classification and first place in the BRC-20.
Concerning social domination, the Santiment data indicates that the ORDI had a upward trend.
ORDI doubles in a week alongside Bitcoin’s 20-month highs
ORDI’s recent rise, fueled by the adoption of major exchanges like Binance and OKX, saw its largest increase over the past week, doubling its price. This coincided with Bitcoin hitting its highest level in 20 months, surpassing $42,000.
Bitcoin’s 20% rise over the past month, currently at around $41,800, further highlights the synchronized momentum of the two 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 more $46 million in total registrations At the time of writing, ORDI’s popularity within the Bitcoin network has increased alongside rising transaction fees. It is a crucial element of the network.
In the meantime, Coincodex predicts 104% increase to $55.74 over the next year. ORDI reportedly reached a new all-time high after its most recent breakout, which coincided with price discovery.
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