Ordinals Crypto 2024 Price Forecasts - The Rising Potential of BRC-20 Tokens

Ordinals Crypto 2024 Price Forecasts – The Rising Potential of BRC-20 Tokens

Updated: 19 December 2023

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BRC-20 tokens are gaining substantial momentum in the market, with $ORDI, in particular, surging by over 100% in the last 30 days. The notable increase in the value of these BRC-20 tokens can be attributed to Bitget’s recent listing announcement, fueling their upward trajectory and delivering noteworthy gains for token holders.

Since its introduction to the exchange in May 2023, $ORDI has swiftly garnered attention, boasting a market cap that now surpasses $1 billion. As the first BRC-20 token developed through the Ordinals Protocol, this achievement marks a historic milestone. The token’s initial listing success can be credited to its substantial investor base.

Understanding The BRC-20 Blockchain

BRC-20 is a novel token standard designed for the bitcoin blockchain, enabling the creation and transfer of fungible tokens. Standing for Bitcoin Request for Comment, it shares similarities with Ethereum’s ERC-20 token standard.

Proposed by an anonymous developer named Domo in March 2023, BRC-20 emerged in response to the increasing demand for fungible tokens on the bitcoin blockchain. While ERC-20 tokens find widespread use on Ethereum, they lack compatibility with the bitcoin blockchain, prompting the creation of BRC-20 tokens.

These tokens provide a tailored solution for developers, seamlessly integrating with the bitcoin blockchain through the Ordinals Protocol. This protocol involves numbering satoshis and enables users to attach additional data through a process known as ‘inscription.’

While the crypto industry focused on elite tokens and highly volatile categories like meme coins, DeFi, and the metaverse, BRC-20 tokens distinguished themselves by significantly increasing in value over the past month.

What is Ordinals?

Ordinals function as a numbering system for satoshis, facilitating the tracking and transfer of individual sats. These numerical identifiers, known as ordinal numbers, are assigned to satoshis based on the order of their mining and subsequent transfer from transaction inputs to outputs in a first-in-first-out manner.

Both the numbering and transfer mechanisms rely on order, with the numbering system based on the order of satoshis’ mining and the transfer system on the sequence of transaction inputs and outputs. This association with order gives rise to the name “ordinals.”

Using ordinal numbers as stable identifiers, arbitrary assets like NFTs, security tokens, accounts, or stablecoins can be linked to satoshis.

The Ordinals project, available on GitHub, comprises a BIP outlining the ordinal scheme, an index interacting with a Bitcoin Core node to track satoshis’ locations, a wallet for executing ordinal-aware transactions, a block explorer for interactive blockchain exploration, functionality for inscribing satoshis with digital artifacts, and this manual.

$ORDI Crypto Price Prediction

The current price of Ordinals is $50.3, accompanied by a 24-hour trading volume of $1.52 billion and a market cap of $1.10 billion. Over the last 24 hours, the $ORDI price has seen an 0.80% increase. On December 6, 2023, Ordinals achieved its peak price of $69.31.

December commenced on a positive note, witnessing a significant surge of over 265% within the initial week. Despite a recent attempt to break through the key resistance at $67.7, the rally proved short-lived, facing rejection and resulting in a pullback.

The Relative Strength Index (RSI) value, standing at 56.69, suggests that the $ORDI market is presently in a neutral position. A potential upward momentum awaits if the bulls successfully propel the price above the resistance level of $53.52, setting the stage for a test of the upper resistance level at $59.78 in the coming days.

Conversely, a failure to maintain the price above the critical support level of $47.07 may lead to a further decline, testing the lower support level of $40.72. According to technical analysis, Ordinals’ price is anticipated to trade within a range of $50.05 and $73.71 next year.

To delve into a comprehensive analysis of $ORDI price predictions, view the video above, and subscribe to his YouTube channel for more crypto-related content. Jacob Crypto Bury also oversees a Discord server with 17,000 members, offering trading tips and insights into upcoming crypto presales.

Conclusion

Amidst uncertainties stemming from macroeconomic events, the enduring success of assets like $ORDI remains a focal point of interest in the crypto market. Observers are closely monitoring whether this BRC-20 token can sustain its remarkable performance through the ongoing market cycle.

See our articles on the best cryptos to buy now, offering high upside potential, for additional insights into future investment opportunities.