At the time of writing, ORDI is experiencing a substantial increase in price after several events in the crypto world unraveled. Coingecko data reveals that ORDI is up nearly 12% in the past 24 hours. However, it remains to be seen whether this uptick in price will erase the bearishness experienced in the past few weeks.
But right now, the crypto market, as a whole, is up a huge amount. The latest market data shows that the broader market is up nearly 3% after the bullishness brought by major coins and tokens like Bitcoin.
Stiff Competition In The Bitcoin ETF Space
After 11 Bitcoin spot exchange-traded funds were approved by the Securities and Exchange Commission earlier this month, the competition surrounding the Bitcoin ETF space grew this month. According to recent news, Fidelity’s Bitcoin ETF has outpaced Grayscale’s GBTC in inflows. JP Morgan also said that the outflows from GBTC were directed to its newer competitors with lower fees.
“GBTC profit taking has largely happened already…This would imply that most of the downward pressure on Bitcoin from that channel should be largely behind us,” said JPMorgan analysts led by Managing Director Nikolaos Panigirtzoglou in a recent statement.
The financial institution also points to Blackrock and Fidelity’s individual Bitcoin ETFs to dominate the market in the long term. However, Grayscale’s CEO Michael Sonnenshein believes that the majority of the recently approved ETFs won’t survive in the long term. He also defended the higher feeds imposed by Grayscale compared to its competitors.
“Investors are weighing heavily things like liquidity and track record and who the actual issuer is behind the product. Grayscale is a crypto specialist. And it has really paved the way for a lot of these products coming through,” said Sonnenshein in a recent interview with CNBC.
ORDI: Higher High In The Near Future
ORDI is mostly following Bitcoin’s pace in the broader market. As of writing, BTC is sitting at $43.4k and rising. If Bitcoin continues to sail the bullishness, we might see ORDI follow suit.
In the context of ORDI, events such as those mentioned above will also put the spotlight on BRC-20 standard tokens which has gained momentum since last year. As of now, ORDI’s position remains attractive for investors and traders as it rides the bullish wave that Bitcoin created.
If this bullishness continues, bulls will have enough momentum to settle on the 50% retracement level, which will provide a solid base to pump higher in the future. However, a more conservative bullish prediction is ORDI stabilizing above the 61.80% retracement level. If this happens, investors and traders will still experience profits with a much more stable platform for future price movements.
Featured image from Shutterstock, chart from TradingView
