What are Ordinals? | Credit: Shutterstock
- In January 2023, Ordinals were introduced by Casey Rodarmor, who described the primary utility of Ordinals as supporting digital artifacts.
- Ordinals (ORDI) jumped by 10% during the weekend
- OKX recently announced the launching of Ordinals Marketplace that will support minting and trading of Ordinals and BRC-20 tokens
- ORDI’s high volatility reading means the token has wide price changes and is protected from price manipulation so it’s considered a good investment
News that ORDI breaks $10 were great for ORDI investors on May 28. However, ORDI stayed at above price for a short time as it fell back quickly to $9.81. At the time of writing, Ordinals’s price stood at $9.40, with a 24-hour trading volume of $31.59 million. Ordinals is up 1.54% in the last 24 hours. The current CoinMarketCap ranking is #229, with a live market cap of $201,879,208 USD. It has a circulating supply of 21,000,000 ORDI coins and a maximum supply of 21,000,000 ORDI coins.
Ten days ago, after OKX announced the launching of Ordinals Marketplace, marking it to be the first multichain wallet to support BRC-20 trading, ORDI jumped to $15, so it is hoped that other big exchanges will follow the example and help ORDI back to prices of $10 and above.
It is also significant that last week, the number of ORDI holders increased by 13.8% in just one week, showing strong growth. Other tokens like $SHIB, $XING, and $OSHI also experienced significant increases in holders.
However, the overall BRC20 market has been going through a correction since May 8th, with prices and volumes trending lower. The impact of Bitcoin and the Ordinals (ORDI) token on the market remains significant.
What is Ordinals (ORDI)?
Ordinals (ORDI) is a cryptocurrency that operates with inscriptions that are recorded within the Bitcoin blockchain.
According to the official ORDI website , Ordinals is an open-source project, developed on GitHub, and it is a “numbering scheme for satoshis that allows tracking and transferring individual satoshis.” Satoshis are an encoding of the ordinal number using the characters A to Z.
Its plan is to create inscriptions in the Bitcoin blockchain that they can send to Bitcoin addresses. According to the website, the inscriptions cannot be copied or changed, and the focus is on creating a market for inscriptions of satoshis and a Bitcoin (BTC) alternative to nonfungible tokens.
The difference between NFTs and ordinal inscriptions is that they usually store NFTs off the blockchain. Ordinals’ intention is to store the inscriptions within the Bitcoin blockchain.
How Ordinals Work?
Ordinals theory explains the work of Ordinals by defining satoshis (sats) as the smallest unit that can be identified and traded individually on the Bitcoin network.
There are 100 million sats in 1 Bitcoin (BTC). Sats are numbered based on the order of mining, and this number, which uniquely identifies a sat, is an ordinal number.
Sats can have an inscription of any content relevant to Bitcoin ordinals (date, time, data) and therefore are considered unique, immutable digital collectibles that can be transacted on the Bitcoin network using Bitcoin wallets.
Sats can be bound to security tokens, accounts, or stablecoins as well.
ORDI Price History
After the rise of NFTs on other blockchains, the Bitcoin community was primed to support a new, Bitcoin-based project with similar functionality. In January 2023, Ordinals were introduced by Casey Rodarmor, who described the primary utility of Ordinals as supporting digital artifacts.
The first ordinal was inscribed on a sat from 2014. By April 2023, more than 1 million Ordinals had been inscribed, with most depicting either text or images. In total, that activity had generated over 172 Bitcoin in fees, or around $5 million at the time.
At the beginningof May, ORDI price hovered around $28, but afterward, it fell to $12. However, on May 20, it jumped over $15 after crypto exchange OKX announced the launching of Ordinals Marketplace, marking it to be the first multichain wallet to support BRC-20 trading. Later it stabilized under $10 but jumped over the $10 limit on May 28.
At the time of writing, the price stood at $9.39.
What is ORDI Similar To?
Many Ordinals are basically imitations of NFT collections that have already been launched on some other chains. Similar are BTC DeGods, Bitcoin Rocks, Bitcoin Punks, and Ordinal Punks.
Then, there are so-called Pixel Pepes, a reference to the Rare Pepes of Bitcoin’s own NFT past, which have even been inscribed as Ordinals. Also, Yuga Labs, the Bored Apes Yacht Club maker, has revealed its own generative art project as Ordinals.
The first ordinal was inscribed on a sat from 2014, and back then, Ordinals were mostly used to port Ethereum (and other chain) NFT collections to Bitcoin.
Current ORDI Price
On May 30, 2023,ORDIs price stood at $9.39.
ORDI Price Prediction
According to the latest data gathered, the current price of Ordinals is $9.39 and ORDI is currently ranked #229 on CoinMarketCap. The circulation supply of Ordinals is 21,000,000 with a current market cap of $198,449,982.
During the last 24 hours, ORDI slightly fell by approximately 1.94% in its current value. However, it is important to stress that the global market cap is also down, so the overall market is going through a bearish sentiment.
Ordinals are facing a hard time getting on board together with other crypto coins. The ORDI was down to almost -3.67% in the last 7 days but has risen during the weekend significantly. Even though the coin is still showing risky framing segments for the past few days, ORDI might have strong fundamentals.
ORDI Price Prediction for 2023
It is expected that by the end of 2023, the price of Ordinals could reach a minimum level of $10.46. The Ordinals price could reach a maximum level of $11.89 with the average price of $10.80 throughout 2023.
ORDI Price Prediction for 2025
Ordinals price is forecast to reach the lowest possible level of $21.97 in 2025. However, if supported by the community, the ORDI price could reach the maximum possible level of $25.74 with the average forecast price of $22.57
ORDI Price Prediction for 2030
There are optimistic forecasts for long term rise of ORDI. According to deeper technical analysis on past price data of ORDI, in 2030 the price of Ordinals is predicted to reach at a minimum level of $159.70. The ORDI price can reach a maximum level of $194.39 with the average trading price of $164.26.
ORDI Prediction Short Term
Ordinals generally have a high volatility rank of 87, which puts them within the top 13% of cryptos on the market.
ORDI’s high volatility reading means that the token has relatively wide price changes and, therefore, good protection from eventual price manipulation.
Ordinals price is in a favorable position going forward, with support at $9.12 and resistance set at $13.34.
ORDI Prediction Long Term
Ordinals’ popularity immediately rose together with the rise of BRC-20 token standard that was implemented in March.
The standard itself allowed development of fungible tokens (including meme tokens) on Bitcoin using the same protocol.
According to data from Ordspace, which tracks BRC-20 data, there are around 11,000 tokens issued (as of May 8, 2023) on the Bitcoin blockchain available on the open market, with a cumulative market capitalization of $1.6 billion . Conversely, the market capitalization of ERC-20 tokens is $18.79 million.
With BRC-20, creative developers began loading the Bitcoin network with meme tokens that much increased the cost of network transactions. On May 8, the daily fees paid to create Bitcoin Ordinals jumped to 257 BTC, approximately $6.7 million at the time.
FAQs
What Are the Advantages of Ordinals (ORDI)?
The advantages of Ordinals (ORDI) coins are:
- Developing of new use cases via Bitcoin protocol.
- Distributing data such as text and images as NFTs and tokens.
- Getting attention as a new and unique cryptocurrency
Where Can I Buy ORDI?
ORDI tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade ORDI is OKX, where the most active trading pair ORDI/USDT has a trading volume of $33,296,785 in the last 24 hours. Other popular options include Coinbase.
Are Ordinals Good for Bitcoin?
Even though, some Bitcoin maximalists wouldn’t agree, the Ordinals protocol and the capacity to create NFTs on Bitcoin seem to be extremely good for the future of Bitcoin. With ordinals, one can now inscribe and store non-fungible digital assets on the Bitcoin blockchain.
Is ORDI a Good Investment?
ORDI is a promising development that can greatly benefit various projects and can even become a desirable item for collectors, just like CryptoPunks. Early adopters of these items may see a significant increase in their value over the years. However, it’s important to note that most items that are created may eventually lose their value and become worthless.. This means that only a few items will have significant worth, while others may end up with little to no value. It’s hard to say if more investors will start investing in these types of NFTs come 2023.
If you’re thinking of buying Bitcoin in 2023, it might be a good idea to check out ORDI. It offers the potential for significant rewards, and it also enables you to monitor your investment performance more efficiently. Therefore, it’s worth considering if you’re looking to profit from the cryptocurrency market.
Will ORDI Go Up or Down?
The future success of Ordinals is uncertain, but it’s a testament to the creativity and ingenuity of the Bitcoin community. Over time, new ideas and technologies like Ordinals have given rise to countless beneficial applications for Bitcoin. Even unsuccessful projects can spark curiosity and activity in the wider Bitcoin world.
Potential investors will have to weigh their scale carefully before deciding to put money into this new project, but for those who already have exposure to NFTs, it seems a no-brainer to bet on Bitcoin. If that happens, ORDI could skyrocket.
Should I Invest in ORDI?
According to Grayscale , even though ordinals are still a new development, they have already amassed over one million inscriptions in only four months. Even the bear market doesn’t seem to have impacted them. This sudden rise in popularity could show a shift in the broader perception of Bitcoin, in spite of its reputation as an almost cemented blockchain. Even though there are some legit worries, Grayscale claims that ordinals have “the potential to positively impact the Bitcoin network in the longer-term, attracting a new wave of enthusiastic users and developers to embrace the Bitcoin community.”
Disclaimer
The article does not contain trading advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
