ORDI Is Up 14% in Value in the Last 24 Hours
ORDI, the native token of the Ordinals protocol, is up 14% in the last 24 hours.
Bitcoin's growth had a positive impact on the dynamics of the rest of the cryptocurrency market. ORDI, the native token of the Ordinals protocol (NFT based on the Bitcoin network), has shown excellent results and became the growth leader among the top 100 cryptocurrencies. Over the past 24 hours, ORDI has risen in value by 14% and is trading at $70.7 at the time of writing. The token's weekly growth was 29%. ORDI's market capitalization reached $1.48 million, placing it as the 53rd largest token.
From a technical point of view, the RSI index is in the overbought zone, at 67, which indicates the expected increased volatility of ORDI. For the coin to rise further, the indicator should be below the 50 mark. Nevertheless, the short-term MAs indicate a continued bullish trend for ORDI.
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This is not a 100 percent statement. The cryptocurrency market is known for its volatility. Investors should exercise caution and do their own research.
The main reason for ORDI's growth is Bitcoin overcoming the $50,000 mark. On some exchanges, the number of ORDI futures contracts with long positions has slightly increased, which also indicates growth, as traders are betting on it.
ORDI's positive price performance is indicated by recent changes to the Ordinals protocol. The ability to embed text, images, and other media data into the Bitcoin blockchain has attracted new users and developers to the Ordinals ecosystem. Therefore, many investors see ORDI as a way to gain access to the Ordinals ecosystem and its potential future growth.
A growing number of big projects are joining the tantalizing idea of a "Bitcoin-based NFT". It was recently revealed that DFZ Labs has created the Bits project, which will launch 10,000 Ordinals via Magic Eden on February 13. The company will also develop a game that holders of Ordinals will be able to play.
._. pic.twitter.com/M8gB9zUply
— Bits ._. (@BitsOrdinals) January 29, 2024
A recent report from Binance showed that Ordinals, since their launch, have served as a catalyst for growth across the entire Bitcoin ecosystem. They have attracted more developers and projects, which has accelerated the development of the network. In addition, the protocol has expanded beyond a single ecosystem to EVM-compliant networks.
