At the time of writing, ORDI is experiencing a significant price increase after several events in the crypto world unraveled. Coingecko data reveals that ORDI is up almost 12% in the last 24 hours. However, it remains to be seen whether this price increase will remove the bearishness of recent weeks.
But right now, the crypto market as a whole has soared. The latest market data shows that the broader market is up almost 3% after the bullishness caused by major coins and tokens such as Bitcoin.
Fierce competition in the Bitcoin ETF space
After 11 Bitcoin, there were spot exchange-traded funds approved by the Securities and Exchange Commission earlier this month, competition around the Bitcoin ETF space grew this month. According to recent newsFidelity’s Bitcoin ETF has surpassed Grayscale’s GBTC in terms of inflows. JP Morgan also said GBTC’s outflows went to its newer competitors, with lower fees.
“Most of the GBTC profit taking has already occurred… 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.
ORDIUSD currently trading at $61.5808 on the daily chart: TradingView.com
The financial institution also points to Blackrock and Fidelity’s individual Bitcoin ETFs dominate the market in the long term. However, Grayscale’s CEO Michael Sonnenshein believes the majority of recently approved ETFs will not survive in the long term. He also defended the higher feeds imposed by Grayscale compared to its competitors.
“Investors are heavily weighing things like liquidity and track record and who the actual issuer behind the product is. Grayscale is a crypto specialist. And it really paved the way for the breakthrough of many of these products,” Sonnenshein said in a recent publication interview with CNBC.
ORDI: Higher level in the near future
ORDI is largely following the pace of Bitcoin in the broader market. At the time of writing, BTC is at $43.4k and rising. If Bitcoin continues to ride the bullishness, we could see ORDI following suit.
In the context of ORDI, events like the ones mentioned above will also spotlight the BRC-20 standard tokens, which have been gaining momentum since last year. As of now, ORDI’s position remains attractive to investors and traders as it rides the bullish wave that Bitcoin has created.
If this bullish trend continues, bulls will have enough momentum to settle at the 50% retracement level, which will provide a solid foundation to pump higher in the future. However, a more conservative bullish prediction is for ORDI to stabilize above the 61.80% retracement level. If this happens, investors and traders will still make profits with a much more stable platform for future price movements.
Featured image from Shutterstock, chart from TradingView
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