- ORDI (ORDI) price hit a new all-time high of $44.03 early Monday as Bitcoin touched $42,000.
- The uptick in ORDI price comes amid rising total inscriptions on the Bitcoin network.
- ORDI could trade high if BTC continues on a bullish trajectory.
As Bitcoin price rallied to above $42,000 early Monday, the BRC-20 token ORDI (ORDI) was hovering at $44, a new all-time high for the Bitcoin Ordinals token.&
This came amid a 35% surge in the 24 hours, an upside that saw ORDI extend its gains over the past week to over 111%. On December 4, the token’s value was more than 550% up.
ORDI spikes as Bitcoin hits $42k
ORDI’s massive price gains over the past few weeks have had a catalyst in the shape of Bitcoin’s rally. Over the weekend, BTC broke above the $40,000 level and like in the past several days, the upside reflected in the price of ORDI.
The token crossed the $24 hurdle on Saturday and after retesting the $33 area on December 3, extended higher to hit the all-time high of $44.03 early Monday. A look at the Bitcoin chart shows the benchmark cryptocurrency cross to its new year-do-date high price of $ 42,155 on Monday. Notably, BTC was traded at around $36,770 at the start of last week.
Analysts are bullish on Bitcoin going into next year, and with this outlook comes the possibility that ORDI could go on a vertical hike too. This forecast is informed largely by the increased pace of inscriptions within the Ordinals protocol.
ORDI makes up the largest share of these texts, images and such other features on Bitcoin, and as BTC rises, the BRC-20 token is likely to follow. This is the case with Bitcoin transactions fees rising, with data showing (in the above chart) that there have been over $46 million total inscriptions as of December 4, 2023.
While a retreat across the market could see ORDI’s price also decline, a return to the upward trajectory could well continue to track Bitcoin’s bullish outlook.
The post ORDI hits new all-time high as Bitcoin breaks above $42k appeared first on CoinJournal.
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