Ordinals are a relatively new innovation in the crypto space, but ORDI, the cryptocurrency named after Ordinals, is within reach of the bears.
According to the latest market data provided by CoinCodex, the token has fallen by almost 5% in the last 24 hours, despite Bitcoin seeing 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 seem to be going against the grain. Analysts are hopeful that ORDI is on track for a potential bullish breakout, however, this seems unlikely.
While the BRC-20 standard tokens are following the general market trend, ORDI itself is bland, offering no other utility, unlike others within 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” held at Christie’s Art and Technology Summit showed that the NFT Market Relationship with the traditional art world is in a transition phase.
“We know there’s an opportunity here for provenance verification. We all know that, and we all know that the art world is resisting it because it suggests transparency, which we say we want but we really don’t,” Pace Gallery CEO Marc Glimcher said at the event.
If Bitcoin Ordinals continues to attract developers to its niche by further expanding the codebase on Github, there may be a chance that increased development on the open-source platform could lead to greater mainstream adoption of the BRC-20 standard, which would increase investor confidence in 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% recovery in the weekly chart. And at $41.33, the price offers little resistance to the overall positive market mood, which could lead to a bullish buy in the coming days.
ORDI price up in the weekly frame. Source: Coingecko
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Once that happens, ORDI will have a better chance of hitting the $50 mark in the coming weeks. But the elevated volatility also means that this accumulation move will be a gamble for investors and traders as more and more analysts look for a bigger move in the long term.
This scenario is highly dependent on the overall market recovery 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 return to ORDI.
Featured image from Pexels, chart from TradingView