2024-2-14 14:27 |
ORDI price continued pumping on Tuesday as the crypto rally gained steam. The token surged to a high of $70, its highest point since January 24th. It has risen by more than 43% from its lowest point this year and is now approaching its all-time high of $92.08.
Bitcoin Ordinals volumes are worryingAs the ORDI token prices, there are concerns about the ongoing Bitcoin Ordinals trends. After rising sharply last year, the volume of Ordinals sales has retreated even as Bitcoin price has jumped to its highest point since 2021.
Data compiled by CryptoSlam shows that sales volume in the past 30 days has dropped by 68% to $253 million. In the same period, the number of buyers dropped by 8% to 49,851 while the number of sellers crashed to 44,223.
Notably, the number of Bitcoin Ordinals transactions has dropped by 57% to 190k. Most importantly, wash volume, which was non-existent a few months ago, has surged. It rose by 209% to $916k. Wash trading is a process where traders buy and sell the same assets to mislead the market. It is a popular activity in the NFT space.
The same waning trend has continued in the past 7 days as the sales volume has dropped by 28% to $45 million. This trend has led to the deterioration of Bitcoin’s ranking in the NFT industry. Data shows that Ethereum has taken a lead and is followed by Solana.
The performance of Bitcoin Ordinals is similar to what happened to Bored Ape Yacht Club, which dominated the NFT space a few months ago. Their floor prices have crashed and they are no longer among the most popular assets in the industry.
Data shows that Bored Ape Yacht Club NFTs dropped by 17% in the past 30 days to $14 million. This makes it the 14th most popular NFT collection. In the past, BAYC had a leading market share in the industry by far.
ORDI price forecastORDI chart by TradingView
The daily chart shows that the ORDI token has bounced back in the past few days. It has crossed the important resistance point at $64.83, its highest point on January 30th. The coin has risen above the 50-day and 100-day moving averages.
At the same time, the MACD has moved above the neutral point. Therefore, the outlook for the token is still bullish even as concerns about its fundamentals rise. If this happens, the next ORDI price target to watch will be its all-time high of $92.
The post ORDI price is pumping but Bitcoin Ordinals sales trend is worrying appeared first on Invezz
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