ORDI Jumps 17% In A Day: Is The Magic of BTC Happening？

• 1 ORDI has observed a surge of more than $150 Million in Open Interest (OI) in the past 24 hours

• 2 ORDI is hovering near the $57 mark, with a gain of 17% in the last 24 hours.

Ordinalsis a BRC 20token that enables the transfers and minting of Fungible tokens on the Bitcoin blockchain. It runs parallel with the Bitcoin network as smart contract tokens on Ethereum.

The BRC 20 tokens, likeOrdinals,are created through Jason inscriptions on Satoshi through Bitcoin Ordinals. It inherits the security and decentralization of the Bitcoin network and can be sent through peer-to-peer.

Source: Ordiscan.com

Ordinalscreate NFTs on the Bitcoin blockchain by attaching data such as images, videos, and more. They use the Ordinal theory to assign each Satoshi a unique number.

The overall inscription of Ordinals has observed a significant decline from MAR 2024 to May 2024. Text inscriptions on the platform dominate in comparison to images and videoinscriptionfees, which have also seen a decline, as per the data provided by Dune Analytics.

ORDI OI Surges While Marketplace of Ordinals Declines

Ordinalshas a total circulating supply of 21 Million with 20647 holders. The top 10 holders of the ORDI own over 72% of the supply, while the top 100 holders have 88.6%.

Gate.io and OKX own over 2.38 and 2.7% of the circulating supply. The 11th-highest holder of the ORDI token has observed an outflow of 196694 tokens in the last seven days.

Source: Dune.com

BTC Ordinals marketplacehas observed a decline from April 2024 to May 2024. Ordinals Market and Ordswap remain the lowest in terms of volume. Ordinals Wallet and Magic Eden are taking the lead in terms of transactions. The overall unique users of the Ordinals walletshave climbed to a new high near 15525.

Source: OI Data of ORDI by CoinGlass

ORDIhas observed a surge of $150 Million in Open Interest in the last 24 hours. The overall long-to-short ratio of the ORDI remained near 1.02, showing the dominance of the bulls.

Meanwhile, the weighted funding rate of the token has remained constant at nearly 0.0112%.

Will this Trend of ORDI continue to $100？

Ritika_TCR on TradingView.com

Ordinals has a market cap of $1.18 Billion and is ranked 17th in the CMC. The volume of the ORDI trading has observed a surge of 150% in the intraday session with a VM ratio of 0.2. ORDI is trading near the value of $56, with a gain of 17% intraday.

ORDIis currently forming strong bullish candles on the daily chart. It is trading above the 50 and 100-day EMAs, which can support the price. The upside trend of the token price can see a halt near the value of $70. Meanwhile, the asset price support can be near $50.

The current correlation between the ORDI and BTC has seen a slight gain and has reached nearly 0.57. The RSI of ORDI is near 69, with a strong positive slope. The overall sentiment of the RSI is bullish.

Conclusion

Ordinalshave been seeing a decline in overall user activity and transactions. Ordinals wallets are seeing growth but not in comparison to others. ORDIis currently trading in a bullish trend, and a new high can be seen in the future.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.