Ordinals (ORDI), a BRC20 token, has reached a market value exceeding $1 billion. This milestone makes ORDI the first Bitcoin BRC20 token to accomplish such a feat. The token’s price has soared to $53, marking a significant 163% increase in the past week.

Surge Following Binance Listing

ORDI’s value skyrocketed by over 700% following the announcement of its listing on Binance, a major cryptocurrency exchange. This listing was crucial in bolstering investor confidence and fueling the token’s meteoric rise. In the last 24 hours, ORDI has continued its bullish trend, registering a 31.23% price increase. The token established new highs and lows at $34.04 and $23.82, respectively, indicating a strong market presence.

ORDI price chart: CoinMarketCap

The trading volume for Ordinals has also seen a substantial hike, up by 12.77%, reaching $1,268,824,095. This surge in trading activity suggests that the bullish sentiment surrounding the ORDI market will likely persist. Correspondingly, the market capitalization of ORDI has witnessed a significant boost of 30.23%, now at $1,329,178,296.

The rapid ascent of Ordinals in the crypto market highlights the growing investor interest in BRC20 tokens. This trend could pave the way for more BRC20 tokens to gain prominence in cryptocurrency. 

ORDI 4-Hour Market Indicators 

On the 4-hour price chart, bulls in the Ordinals market indicate strong market domination. This strong bullish sentiment is indicated by the Moving Average Convergence Divergence (MACD) indicator, which is moving above its signal line, suggesting that the current bullish strength in the market will continue in the market in the hours ahead. Moreover, this indicates a strong bullish sentiment in the market. The trajectory histogram has formed on the positive region to support the upward movement further, indicating that the bulls are in control of the ORDI market.

ORDI/USD 4-hour price chart (Source: TradingView)

The Relative Strength Index (RSI), another key indicator, reinforces the bullish trend in the ORDI market. It has moved above its Simple Moving Average (SMA), highlighting the strength of the recent price surge. This movement suggests that the bullish momentum in ORDI will likely persist in the coming hours.

Read Also: Ellison’s To-Do List Unearths FTX’s Push Against Binance

 

The post ORDI Token Surpasses $1 Billion Market Value, Leading BRC20 Rally appeared first on CoinGape.

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Filed under: News - @ December 5, 2023 9:14 pm