ORDI Shatters Records With New All-Time High In Bullish Surge
December 03 2023 - 8:00AM
NEWSBTC
BRC-20 tokens, commonly known as Ordinals, are experiencing major
upward momentum as Bitcoin breaks past the $39,000 level. ORDI, the
biggest of the BRC-20 tokens, is pulled up by BTC’s rally.
According to CoinGecko, ORDI is up nearly 36% since yesterday, and
currently trading at $32.42, it’s new all-time high. This
recent price action places ORDI under the limelight, putting
enormous pressure on the bears while giving big gains for the
bulls. Related Reading: Top 5 Cryptos Set For A Price
Explosion This December – ADA, TIA, RUNE, LUNC, BTC $39K Barrier
Broken: What’s Next? The market is encountering a slight
rally with Bitcoin gaining momentum on the legal side of things.
The US Securities and Exchange Commission (SEC) has been eyeing the
approval of a spot Bitcoin exchange-traded fund (ETF), giving
traditional investors a safer avenue to invest in crypto.
Crypto-related stocks also experienced a big jump in price, with
names like Clean Spark (CLSK) and Iris Energy (IREN) making
headlines. Michael Saylor’s Microstrategy is also up nearly 6% on
the daily timeframe. Top BRC-20 coins by market cap. Source:
Coingecko Ordinals, on the other hand, are following suit.
Coingecko’s BRC-20 index shows a nearly 40% increase in price in
the past 24 hours. Although no major developments have followed
Ordinals in the past few months, Bitcoin’s most recent rally gives
the bulls a lot of hope for a continuous rally. ORDIUSD
currently trading at $32.51 territory on the daily chart:
TradingView.com Investors Should Exercise Caution On These Levels…
The current price action suggests that ORDI’s price has no stable
support and will eventually revert to more sustainable levels.
However, bulls might be able to use the $25 price level to bounce
upward to a favorable position. But if they fail to hold this price
point once the hype settles, the $19 price point will be the lowest
it can go. Related Reading: Ethereum ATH: Exploring The
Possibility Of Ether’s New Peaks In 2024 Source: TradingView ORDI
Price Boost From ETF Nod Investors and traders should keep in mind
the SEC’s Bitcoin ETF decision. If the agency approves, this will
bring more investors to crypto, thus boosting the price upward. But
investors and traders shouldn’t bank their money on this single
decision alone. Economists are still optimistic about a “soft
landing” as deflationary winds continue to blow through sectors of
the economy. If this continues and the US Federal Reserve does
reduce its current 5.5% interest rate, investors and traders will
have more confidence in the market. Paired with a positive approval
of the Bitcoin ETF by the SEC, it will push prices upwards more,
including the Ordinals. Still, bulls should be able to handle
a slight decline in price if they can hold onto the $25 price
level. (This site’s content should not be construed as
investment advice. Investing involves risk. When you invest, your
capital is subject to risk). Featured image from Shutterstock
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