First ever BRC-20 ordinal token Ordi (ORDI) has undertaken a sudden -10% ORDI price drop, leaving some panicked holders asking ‘Is Ordi going to zero?’. Dig into this piece and find out in this ORDI price analysis.
This comes as markets teeter with anticipation for news of a highly anticipated Bitcoin spot ETF approval expected later today (January 10).
More than 6x from here, but $ORDI one of the few alt longs I’m interested in running over the next week. If the BTC ETF is bullish then it should be good for our favorite BTC meme coin
Best served paired against a basket of alt hedges https://t.co/4CR0Y2ZP23 pic.twitter.com/YMHgzFLnB9
— Andrew Kang (@Rewkang) January 8, 2024
Traders are predicting that if Bitcoin spot ETFs are approved by the SEC later today, then ORDI price could see a dramatic pump, emerging as a favored Bitcoin beta play in the crypto market.
ORDI Price Analysis: Traders Hunt BRC-20 Bitcoin Beta Plays Could First Ordinal ORDI Pump?
As price action retreats below the 20DMA, ORDI is currently trading at a market price of $66.09 (representing a 24-hour change of -5%).
This comes as ORDI price retraces in sync with Bitcoin, following a false rally triggered Yesterday by a malicious hacked tweet from Gary Gensler’s Twitter account.
Now sat below the 20DMA (currently sat at $70.5), price action risks dropping below moving average support for the first time in two-months.
Yet, with bullish fundamental headwinds expected later this afternoon for all major BRC-20 Ordinal tokens, this could offer an alluring entry for late-stage traders ahead of a potential seismic move.
Meanwhile, the sudden drop appears to have fuelled an improved outlook on the RSI indicator, which is now reading almost neutral at 51.58 – suggesting price has the capacity for a significant push up from here.
But the image is clouded by the MACD, which is showcasing bearish divergence at -2.003 – suggesting stalled momentum ahead of the SEC’s ETF decision.
Overall, ORDI looks vulnerable here, but with strong fundamentals at play in the market today, the capacity is there for ORDI price to shift into a strong rally trend alongside other BRC-20 beta plays.
This leaves ORDI price facing an upside target above resistance at $83.5 (a possible +24.81%).
While downside risk could see ORDI price tumble down to lower support at $52 (a potential -22.28%).
Leading ordinal token ORDI therefore has a risk: reward structure of 1.11 – a bullish entry, with fundamentals reducing downside risk, and with a halving on the horizon certainly not going to zero anytime soon.
But while ORDI and other BRC-20 Ordinal is trading on a downtick, an emerging Bitcoin mining presale also offers an alluring Bitcoin ETF beta play opportunity.
ORDI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$8,058,013 raised.
Offering an enticing 86% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
Big News Alert! #BitcoinMinetrix has passed the $8,000,000 raise milestone! pic.twitter.com/MNdhQOYzfJ
— Bitcoinminetrix (@bitcoinminetrix) January 10, 2024
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$8.5M In The Crosshairs: Bitcoin Minetrix Surges Past $8M As Markets Favor Over BRC-20 Ordinal
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 62,573,539,549,305 – it has never been harder for individual participants to engage in profitable Bitcoin mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over ORDI Price Analysis Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $8m raised towards its $8.5M goal. At a competitive price of just $0.0127 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
The post Is Ordi Going to Zero? ORDI Price Plummets 10% as New Bitcoin Protocol Hits $8 Million appeared first on Cryptonews.