ORDI: Bitcoin Sensation or Meme
By Daman Rao | Crescent City Capital Market Analyst Intern
What is ORDI?
Ordi is a cryptocurrency utilising the Ordinals protocol, leverages the smallest unit of Bitcoin, the satoshi, for data inscriptions. As the pioneering BRC-20 token on the Bitcoin blockchain, Ordi boasts a fixed supply of 21 million coins. Functioning as a meme token, Ordi lacks intrinsic value but has garnered widespread attention and market capitalization due to its innovative approach and uniqueness. With a vast total of 2.1 quadrillion satoshis in Bitcoin, the Ordinals protocol introduces novel possibilities, particularly in the realms of NFTs and tokens.
How does it work?
It is a cryptocurrency that inscribes various types of information, including text, images, sound, and video, onto the satoshi—the tiniest denomination of Bitcoin. It also creates new usage areas through the use of the Bitcoin protocol. Ordinals offer the ability to convert data such as text and images found on the Bitcoin network into NFTs and tokens, enabling the digital representation of different types of assets.
Recent Updates
ORDI as of November 30th is trading at $19.93 with a 24-hr trading volume of $128,627,574. The total circulating supply is approximately 21 million tokens.
Looking at the screenshot above, ORDI overall is down 21% all time. It reached its all time high of $29.16 over 7 months ago.
Over the past month, ORDI has managed to be up 285%, performing well compared to its price point in October. This price surge could be linked to the listing of ORDI on binance, which can be seen in the image below ORDI making its official announcement of launching its coin.
Something else to look out for is the Bitcoin halving date. The halving is set out to be somewhere in 2024, and could potentially be a huge upside for altcoins under the Bitcoin blockchain like ORDI. Looking historically, the bitcoin halving back in May 2020 set bitcoins all time high just over $68,000. This event could lead to ORDI reaching its all time high and with looking at its past performance, the coin could reach all the way up to $100 by the end of 2024. Currently the RSI for ORDI is valued at 67, meaning that its resides in the overbought region.
Looking at the image above the MACD heading upwards represents a a bullish sentiment is to come and that the overall market sentiment is positive.
Summary
If investor interest in ORDI persists, with more enthusiasts incorporating these tokens into their portfolios, there is the potential for its value to continue its upward trajectory. This could be a good price point entry with the upcoming talks of the bitcoin halving and ORDI’s overall performance.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. Please conduct your own due diligence before making any investment decisions.
References:
https://coinmarketcap.com/currencies/ordi/
https://iq.wiki/wiki/ordi-token