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.
Related
Reading
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.
is
now
trading
at
$41.
Chart:
TradingView
“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.
ORDI price up in the weekly frame. Source: Coingecko
Related
Reading
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
Go to Source
Author: Christian Encila
