In the recent crypto market boom, the BRC20 ORDI token has experienced significant growth.
In this week, it has reached a new record with its market capitalization surpassing the one billion dollars. Moreover, the token value has risen by 676% in the last month, recording an increase of 189% in just the last week.
Let’s see below all the details about it.
Summary
The BRC20 ORDI token establishes itself in the crypto landscape: all the details
As anticipated, in a context of significant gains in the crypto sector, ORDI, the BRC20 token and the first of its kind based on the Bitcoin network, has recently reached a market valuation of 1 billion dollars.
In the latest update, the price of ORDI fluctuates between $59 and $61 per unit, highlighting a significant increase of 189% compared to the US dollar.
During the day, the currency recorded a trading range between $39.94 and $63, bringing its current market valuation to $1.22 billion.
With this market evaluation, ORDI now ranks 57th among the over 10,000 cryptocurrencies in existence.
In addition to the impressive 676% increase in the last month, ORDI has experienced a remarkable 1,851% increase compared to its historical low of $2.86 per coin, recorded on September 11, 2023.
In the last 24 hours, ORDI has finally recorded a 45% increase compared to the dollar, with a global trading volume reaching 945 million dollars.
ORDI and the Ordinals protocol: forecasts and future prospects
As we know, ORDI was generated through the Ordinals protocol, an innovative system that allows the engraving of personalized information on Satoshi (the smallest unit of Bitcoin, commonly known as Sats), such as messages and images.
Basically, this protocol has paved the way for the creation of NFTs and BRC-20 tokens customized on the Bitcoin blockchain.
Born as a technical experiment on Bitcoin in early 2023, ORDI has since experienced remarkable growth, as we have seen.
According to ORDI’s price prediction algorithm, rapid growth should persist in the new year.
The Bitcoin halving event, scheduled for April 2024, could be a significant catalyst for Ordinals, the first and only enabling protocol for custom tokens on Bitcoin.
The algorithm predicts a +104% increase, bringing the value of ORDI to $87.83 by January 2025, approximately nine months after the halving.
This would mark a new all-time high for ORDI, further consolidating its position during the recent price breakout.
Crypto markets and exciting prospects
ORDI experienced a bearish phase in September, reaching a low of 3 dollars after a downward trend from a listing price of 25 dollars.
However, subsequently, the cryptocurrency has shown remarkable resilience, benefiting from the bullish sentiment in the cryptocurrency markets fueled by the demand for ETFs and a period of significant overall growth.
Being the top-performing asset in the top 100 cryptocurrencies, ORDI has recorded a remarkable increase of +1,432% in the previous three months, surpassing all others, with Bittensor (TAO) in second position at +549%.
The latest wave of impulses has pushed ORDI to grow by +130% since November 29th, reaching $42.96 and positioning it at the Fibonacci level of 2.618.
However, the analysis shows that ORDI could currently be overexposed, being significantly above the moving averages and potentially close to the peak of the fifth wave in Elliot wave theory.
Therefore, while the long-term prospects remain positive, a short-term reversal may be likely.
The imminent halving of Bitcoin is considered a potential bullish catalyst for the entire cryptocurrency market, and ORDI, built on the Bitcoin blockchain, could uniquely benefit from the growing demand.
As already mentioned, ORDI’s price prediction algorithm suggests new all-time highs within the first quarter of 2025, nine months after Bitcoin’s halving.
This scenario, in line with other forecasts for altcoins, highlights the importance of the Bitcoin halving event in shaping investor sentiment towards cryptocurrency prices and the predicted rise of ORDI in 2024.
