Early Monday morning, the BRC-20 token ORDI (ORDI) reached a record high of $44.03. This was followed by Bitcoin breaking the $42,000 mark. This was reflected in ORDI’s price, which rose to 111%, increasing by 35% since December 4th.
The recent gains of ORDI are linked to the increasing inscriptions on the Ordinals protocol, as well as Bitcoin’s bullish outlook. The total amount of inscriptions by December 4th was over $46 Million.
Analysts are bullish on the future of ORDI, as the token is likely to follow the upward trajectory of Bitcoin. If the market retreats, ORDI’s price may decline, however it should still track Bitcoin’s bullish outlook.
The chart below shows Bitcoin’s benchmark crypto crossing its new year’s high price of $42,155 on Monday. Notably, BTC was trading at around $36,770 to start last week.
