What's next for Bitcoin Ordinals?
Key Takeaways
- ORDI reached an all-time high on March 5 but then started a downtrend.
- Bitcoin Ordinals appears to be progressing but is still down nearly 30% year-on-year.
- What’s next for ORDI?
- Our ORDI price prediction says that the token can reach $50 next year.
ORDIs—Bitcoin Ordinals—have been on the move lately. Interest in what could be described as Bitcoin NFTs has been growing, and even Elon Musk has endorsed the tokens, albeit unwittingly.
However, Ordinals’ success has had an unwanted impact on BTC traders. Due to the renewed interest in ORDI, Bitcoin transaction fees have risen.
The launch of the Bioniq Ordinals marketplace this year has also given the token a boost, with it reaching an all-time high on March 5, 2024.
The coin then started to fall, but by early December, there were some signs of a recovery.
On Dec. 6, 2024, ORDI was worth about $47.80.
Let’s examine our Ordinals price predictions, made on Dec. 6, 2024. We will also examine the ORDI price history and discuss what Ordi is and does.
Ordi Price Prediction
Let’s look at the ORDI price predictions made by CCN on Dec. 6. We will use the wave count method to make the predictions. Then, 20% will be added and removed to create the minimum and maximum targets.
| Minimum ORDI Price Prediction | Average ORDI Price Prediction | Minimum ORDI Price Prediction | |
|---|---|---|---|
| 2025 | $35 | $40 | $50 |
The most likely wave count shows that ORDI completed a five-wave increase (white) since September 2023. The upward movement culminated with an ORDI all-time high of $96.53. Then, the channel decline contained an A-B-C correction (black) with nearly the same length as the previous upward movement.
Therefore, it is likely that ORDI has started a new five-wave upward movement. If this is the case, a new ORDI all-time high is likely. The first possible target for the top of the upward movement is $146.
The target is created by the 1.61 external Fibonacci retracement of the correction.
If the ensuing upward movement is 1.61 times longer than the previous one, ORDI will reach a high in May 2025. Then, a lengthy correction similar to the one after the all-time high could follow.
During these projected upward and downward movements, the wave count method gives a target of $26 for the end of 2025.
Since ORDI’s relatively short price history, we cannot confidently predict the end of 2026 or 2030.
ORDI Price Prediction for 2025
The wave count method gives an ORDI price prediction target range between $21.80 and $30.20 for the end of 2025.
ORDI Price Analysis
The three-day chart shows that ORDI has fallen inside a descending parallel channel since its all-time high of $96.53 in March. The downward movement led to a low of $20.74 on Aug. 5, a decline of 78% since the high.
Parallel channels usually contain corrective movements, making an eventual breakout from the channel the most likely future scenario.
This happened on Nov. 8, 246 days after the channel was created. ORDI reached a high of $52.86, slightly below the $60 horizontal resistance area, the final one before the all-time high.
Technical indicators support the upward movement. The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are both increasing and above their bullish thresholds at 50 and 0, respectively.
Therefore, the price action and indicator readings all suggest the price increase will continue above the $60 resistance area. Since this would take the ORDI price to a new all-time high, the wave count is needed to determine where ORDI will head next.
Short-Term ORDI Price Prediction
The ORDI price prediction for the next 24 hours is bullish. ORDI will likely increase toward the next targets near $84 and $114.
Ordinals Relative Strength Index (RSI): Is ORDI Overbought or Oversold?
The Relative Strength Index (RSI) is a momentum indicator traders use to determine whether an asset is overbought or oversold. Movements above 70 and below 30 show over and undervaluation, respectively. Movements above and below the 50 line also indicate if the trend is bullish or bearish.
On Dec 6, 2024, the Ordinals RSI was at 64, indicating a bullish trend.
Ordinals Average True Range (ATR): ORDI Volatility
The Average True Range (ATR) measures market volatility by averaging the largest of three values: the current high minus the current low, the absolute value of the current high minus the previous close, and the absolute value of the current low minus the previous close over a period, typically 14 days. A rising ATR indicates increasing volatility, while a falling ATR indicates decreasing volatility. Since ATR values can be higher for higher-priced assets, normalize ATR by dividing it by the asset price to compare volatility across different price levels.
On Dec. 6, 2024, ORDI’s ATR was about 4.62, suggesting relatively high volatility.
CCN Strength Index
The CCN Strength Index combines an array of advanced market signals to measure the strength of individual cryptocurrencies over the last 30 days.
Every day, it assigns a strength score, ranging from 0 to 100, to the top 500 assets by market capitalization on CoinMarketCap, focusing on both trend direction and the intensity of price movements.
- 0 to 24: Assets exhibit significant weakness, showing signs of sustained downtrend behavior.
- 25 to 35: The price tends to move within stable bounds with minimal volatility.
- 36 to 49: Assets begin a stable uptrend but without strong surges.
- 50 to 59: Consistent growth with moderate price advances, building momentum.
- 60+: Sharp price movements and high demand indicate stronger volatility and trend shifts.
The index dynamically adapts to rapid changes. For example, an asset experiencing a 100% increase within a short timeframe would see a sharp jump in its score to reflect the intensity of the rise.
However, should that asset stabilize at this new price level, the score will gradually taper down and align with the dampened momentum as the movement normalizes. The same principle applies to rapid declines: a sudden drop will spike the score downward, but as volatility decreases, the score will slowly adjust back up.
On Dec. 6, 2024, Ordinals scored 45.7 on the CCN Index, suggesting average momentum.
Best Days and Months to Buy Ordinals
We looked at the Ordinal’s price history and found the best times to buy ORDI.
| Day of the Week | Monday |
| Week | 46 |
| Month | November |
| Quarter | Fourth |
Ordinal Price Performance Comparisons
Ordinals, very roughly speaking, exist in the same sort of space as NFTs and NFT collections. Let’s examine how ORDI has been performing in comparison with other similar cryptos and also compare it to Bitcoin.
ORDI Price History
Now, let’s examine some of the Ordi price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret an Ordi price prediction.
| Period | Ordinals Price |
|---|---|
| Last week (Nov. 29, 2024) | $42.46 |
| Last month (Nov. 6, 2024) | $31.31 |
| Three Months Ago (Sept. 6, 2024) | $30.29 |
| One Year Ago (Dec. 6, 2023) | $68.77 |
| Launch price (May 9, 2023) | $17.58 |
| All-time high (March 5, 2024) | $96.17 |
| All-time low (Sept. 11, 2023) | $2.86 |
Ordinals Market Cap
Market capitalization, or market cap, is the sum of the total number of cryptocurrencies in circulation multiplied by their price.
On Dec. 6, 2024, Ordi’s market cap was about $1 billion, making it the 117th-largest crypto by that metric.
Who owns the most Ordi tokens?
On Dec. 6, 2024, one wallet held more than 40% of the supply of ORDI.
Richest ORDI Wallet Addresses
As of Dec. 6 2024, the five wallets with the most ORDI were
- bc1p8w6zr5e2q60s0r8al4tvmsfer77c0eqc8j55gk8r7hzv39zhs2lqa8p0k6. This wallet held 8,850,000 ORDI, or 42.14% of the supply.
- bc1qggf48ykykz996uv5vsp5p9m9zwetzq9run6s64hm6uqfn33nhq0ql9t85q. This wallet held 1,675,352 ORDI, or 7.98% of the supply.
- bc1qqd72vtqlw0nugqmzrx398x8gj03z8aqr79aexrncezqaw74dtu4qxjydq3. This wallet held 989,781 ORDI, or 4.71% of the supply.
- bc1qz7rw2atrt3e8jrywva2y8xmka8lewalx8qazlxaq8xkn2xke0yyqvpel3e. This wallet held 650,112 ORDI, or 3.1% of the supply.
- bc1q8u9thhxvkjw9t8tf0sj6k0vwmk7jstc9z0f3at0r5xunxxp9f0pqmetg7x. This wallet held 612,586 ORDI, or 2.92% of the supply.
ORDI Supply and Distribution
| Supply and distribution | Figures |
|---|---|
| Maximum Supply | 21,000,000 |
| Circulating supply (as of Dec. 6, 2024) | 21,000,000 (100% of maximum supply) |
| Holder distribution | Top 10 holders owned 71.07% of supply as of Dec. 6, 2024 |
From the Ordinals Whitepaper
In its technical documentation, or whitepaper , Ordinals says it is able to work “right now”.
It says: “Ordinals are a numbering scheme for satoshis that allows tracking and transferring individual sats. These numbers are called ordinal numbers. Satoshis are numbered in the order in which they’re mined, and transferred from transaction inputs to transaction outputs first-in-first-out. Both the numbering scheme and the transfer scheme rely on order, the numbering scheme on the order in which satoshis are mined, and the transfer scheme on the order of transaction inputs and outputs. Thus the name, ordinals.”
Ordi Explained
Ordinals are Bitcoin’s equivalent to non-fungible tokens (NFTs). People can inscribe data on Satoshis, the smallest denomination of BTC. There are 100 million Satoshis in a Bitcoin.
The ORDI token, which is based on the Bitcoin blockchain, represents Ordinals. Former Google employee Casey Rodamor founded Ordinals in 2023.
How Ordi Works
ORDI allows people to inscribe information on a Satoshi. As the whitepaper says: “Satoshis can be inscribed with arbitrary content, creating Bitcoin-native digital artifacts. Inscribing is done by sending the satoshi to be inscribed in a transaction that reveals the inscription content on-chain. This content is then inextricably linked to that satoshi, turning it into an immutable digital artifact that can be tracked, transferred, hoarded, bought, sold, lost, and rediscovered.”
ORDIs can be bought, sold, or traded.
While NFTs are created on a blockchain—usually Ethereum (ETH)—before being stored off-chain, Ordinals are based on the Bitcoin blockchain itself.
Because they are based on Bitcoin itself, ORDIs are tokens, not coins. You might see references to such things as ORDI coin price predictions, but these are wrong.
Is Ordi a Good Investment?
It is hard to say. We do not know yet if Ordinals’ resurgence will be sustainable or a flash in the pan. With its better-known equivalent, NFTs, in a long-standing downturn, we must see if Ordinals can get widespread attention.
As always with crypto, you should do your own research before deciding whether or not to invest in ORDI.
Will Ordi go up or down?
No one can really tell right now. While the Ordi crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind that prices can and do go down and up.
Should I invest in Ordi?
Before you decide whether or not to invest in Ordi, you will have to do your own research, not only on ORDI, but on other related coins and tokens such as BLUR. Either way, you must also ensure you never invest more money than you can afford to lose.
Technical analysis by Valdrin Tahiri.
FAQs
Will ORDI reach $100?
It looks unlikely, at least in the short-to-medium term. It is worth remembering that ORDI has never traded at $100.
What is ORDI used for?
The Bitcoin Ordinals, or Ordi, platform allows people to make digital inscriptions on the Satoshi denomination of Bitcoin. ORDI can be bought, sold, or traded.
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. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
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