22 July 2024
Ordinals are a relatively novel innovation within the crypto space, but ORDI, the cryptocurrency with the Ordinals namesake, is within the grasp of the bears.
According to the latest market data provided by CoinCodex, the token is down nearly 5% within the last 24 hours despite Bitcoin making an 11% gain within the past week.
Up And Down The Rabbit Hole
Even though the market seems bullish for Bitcoin and the market as a whole, Ordinals seem to go against the grain. Analysts are hopeful that ORDI is on the path to a potential bullish breakthrough, however, this seems unlikely.
Although BRC-20 standard tokens are following the general market trend, ORDI in itself is bland, offering no other utility, unlike others within the same category. But its utility in bringing NFTs to the Bitcoin blockchain might provide some value to the mix.
A recent “State of the Union-esque” done at Christie’s Art and Tech Summit showed that the NFT market’s relationship with the traditional art world is in a transitional stage.
“We know that there is a provenance verification opportunity here. We all know it and we all know that the art world is resisting it because it suggests transparency, which we say we want but we don’t really want,” Pace Gallery CEO Marc Glimcher said at the event.
If Bitcoin Ordinals keeps attracting developers to its niche, further expanding the codebase on Github, there might be a chance that an increase in development for the open-source platform will lead to overall higher adoption of the BRC-20 standard that will increase investor confidence 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 sustained a solid 26% rally in the weekly frame. And at $41.33, the price offers little resistance to the overall positive mood of the market, which might lead to a bullish takeover within the next couple of days.
Once this occurs, ORDI has a higher chance of meeting the $50 mark within the next few weeks. But the high volatility also means that this move of accumulation will be a gamble for investors and traders as more and more analysts eye a bigger breakthrough in the long run.
This scenario is highly dependent on the general market upswings that might or might not occur these next few weeks. Investors and traders should monitor the market and look for other opportunities before considering a runback to ORDI.
Featured image from Pexels, chart from TradingView