BRC-20 tokens, known as Ordinals, are surging in value as Bitcoin surpasses the $39,000 mark. The largest of these tokens, ORDI, has seen a 36% increase since yesterday and is now trading at an all-time high of $32.42. This rise in price has put pressure on the bears and provided significant gains for the bulls.
The recent rally in Bitcoin is partly due to the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). This would give traditional investors a safer way to invest in cryptocurrency. As a result, crypto-related stocks have also experienced a significant increase in value.
While Ordinals have not seen any major developments recently, Bitcoin’s rally has given hope for continued growth. However, caution should be exercised as ORDI’s price currently lacks stable support and may revert to more sustainable levels. Bulls may find support at the $25 level, but if this fails, the price could drop to $19.
Investors should consider the SEC’s decision on the Bitcoin ETF but not rely solely on it. A positive approval, combined with potential rate cuts by the US Federal Reserve, could further boost prices for Ordinals and other cryptocurrencies. Bulls should be prepared for a slight decline in price and aim to hold onto the $25 level.
Hot Take: Ordinals Surge Alongside Bitcoin’s Rally
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