As of this writing, ORDI is experiencing significant price appreciation following several events in the cryptocurrency world. CoinGecko data Open to the public ORDI is up nearly 12% in the last 24 hours. However, it remains to be seen whether this price rise will erase the weakness experienced over the past few weeks.
However, the entire cryptocurrency market is currently showing a tremendous upward trend. latest market data show The broader market rose nearly 3% after strength brought by major coins and tokens including: bitcoin.
Fierce competition in the Bitcoin ETF space
Since then, 11 Bitcoin spot exchange funds have been launched. Approved Competition surrounding the Bitcoin ETF space has increased this month, according to a Securities and Exchange Commission report earlier this month. According to latest news, Fidelity’s Bitcoin ETF surpasses Grayscale’s GBTC in inflows. JP Morgan also said that GBTC’s outflow was directed to new competitors with lower fees.
“Most of the GBTC monetization has already occurred… This means that most of the downward pressure on Bitcoin in that channel is behind us.” said JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou said in a recent statement.
ORDIUSD currently trading at $61.5808 on the daily chart: TradingView.com
The financial institution also points to individual Bitcoin ETFs from Blackrock and Fidelity. dominate market in the long run. However, Grayscale CEO Michael Sonnenshein believes that most of the recently approved ETFs will not survive in the long term. He also defended the higher feeds Grayscale charges compared to its competitors.
“Investors are considering liquidity, performance, and who the actual issuer is. Grayscale is a cryptocurrency expert. And that actually paved the way for a lot of these products to come to market,” Sonnenshein said recently. interview With CNBC.
ORDI: Will be higher in the near future
ORDI is largely following the pace of Bitcoin in the broader market. At the time of writing, BTC is sitting at $43.4,000 and rising. If Bitcoin continues to strengthen, we could see ORDI follow suit.
Events like those mentioned above in the context of ORDI will also draw attention to the BRC-20 standard token, which has been gaining momentum since last year. Currently, ORDI’s position remains attractive to investors and traders as it rides the bullish wave created by Bitcoin.
If this bullish trend continues, the bulls will have enough momentum to settle into the 50% retracement level, which will provide a solid foundation for further upside in the future. However, a more conservative bullish forecast is for ORDI to stabilize above the 61.80% retracement level. Even if this happens, investors and traders can still experience profits with a platform that is much more stable against future price movements.
Featured image from Shutterstock, chart from TradingView
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