- ORDI token price surged to its highest level on record.
- Bitcoin Ordinals sales have risen to their highest level on record.
- Its sales have passed those of Ethereum and Solana.
ORDI token price surged to a record high as demand for Bitcoin Ordinals continued rising. The coin rose to a high of $82.44, which was over 2,836% above its lowest point in 2023. This rally has brought its total market cap to over $1.5 billion, making it the 54th biggest cryptocurrency in the world.
Bitcoin Ordinals sales surge
The main reason why the ORDI token price has surged is that demand for Bitcoin Ordinals has constantly risen this year. Data compiled by CryptoSlam shows that the total Ordinals sales have peaked to over $1.7 billion.
Additional data reveals that the number of Ordinals buyers jumped to over 269k while sellers have risen to over 240k. Total transactions have hit over 1.59 million. Most importantly, unlike other NFTs where wash sale transactions are common, there were just 14,112 wash transactions in Bitcoin Ordinals.
Bitcoin Ordinals sales on Christmas Day jumped by over 87% to over $27 million. This makes it the biggest and fastest-growing platform in the NFT industry. Solana handled over $12 million while Ethereum handled $10.1 million.
Bitcoin Ordinals NFTs are seeing more transactions as traders hope that their prices will continue rising over time. We saw that happen a few years ago with NFTs like Bored Ape Yacht Club (BAYC).
Additionally, the NFTs have risen because of its association with Bitcoin, the biggest crypto in the world. Bitcoin has risen by more than 180% in 2023 and analysts believe that there are more gains to come.
There are signs that the Federal Reserve will start to cut interest rates in 2024. Data published last week showed that the US PCE continued falling in November. PCE is the gauge that the Federal Reserve watches closely.
There are also signs that the SEC will approve the spot Bitcoin ETF while Bitcoin halving will happen in April.
ORDI price forecast
The daily chart shows that the ORDI token price has staged a strong recovery in the past few days. It has flipped the important resistance point at $69.70, the highest point on December 6th. The token has invalidated the triple-top pattern that has been forming.
ORDI token has remained above the 50-day and 25-day moving averages while the Relative Strength Index (RSI) is pointing upwards. Therefore, the outlook for the ORDI token is bullish, with the next point to watch being at $82.45.
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