Leading BRC-20 ordinal, the ORDI token, experienced a significant -30% price drop due to the Grayscale sell-off. But, can ORDI price analysis determine if ORDI is truly crashing?
The ORDI token, a major BRC-20 Bitcoin beta play, has suffered a decline amidst a sell-off of GBTC shares fueled by FTX, sending shockwaves through the crypto markets.
$ORDI 30m.
– if btc won’t dump again, this coin will pump to 65-70 area first.#ordi #ORDI pic.twitter.com/Qxj4IyVLRr
— Nihilus (@nihilus_XBT) January 24, 2024
Yet, with ORDI price action closely tied to Bitcoin price moves, trader sentiment is suggesting that ORDI token and other BRC-20 plays could undertake a significant bounce if Bitcoin price recovers from the dip.
ORDI Price Analysis: As Top BRC-20 Token ORDI Undertakes Major Dip – Is ORDI Price Crashing?
With top BRC-20 ORDI battling retracement, ORDI is currently trading at a market price of $54.39 (representing a 24-hour change of -1.31%).
This comes as ORDI price breaks away form the steadfast support of the 20DMA (sat at $69.33) which has formed a key support level for much of the past two-months of price action.
Now, sat at a -20.70% below the 20DMA, ORDI price is attempting to consolidate at historic support above the $52.25 price level.
However, in an increasingly bullish move for BRC-20 plays, the RSI indicator has shifted to strong bullish divergence at 36.66, with ORDI price considered to be oversold at current price levels.
This is contrasted by the MACD which spotlights stalling momentum at -2.715.
Overall, ORDI appears to be due for a bounce here once consolidation has confirmed a foothold at this historical support level, with the RSI signalling the capacity for a significant leg-up alongside Bitcoin.
This leaves ORDI with an upside price target at $69.33 (a possible +29.18%).
While ORDI token could see a downside move to lower support at $37.70 (a possible -29.76%).
Therefore ORDI price analysis reveals a risk: reward ratio of 0.98 – reflecting the need for further consolidation, but certainly not an ORDI price crash.
But while ORDI token offers an on the fence play across the short-time frame, a better move could be emerging in the Bitcoin Minetrix presale which is accelerating towards $10m raised.
ORDI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $9.1M Raised
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The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$10M In The Crosshairs: Bitcoin Minetrix Surges Past $9.16M – Poised to Outperform ORDI Price Analysis
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 70,440,798,833,881 – 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 Verdict:
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 $9.1m raised towards its $9.5M goal. At a competitive price of just $0.013 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.
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