Effect of ORDI Token and New Protocols in the Crypto World

According to CoinMarketCap, ORDI token related to Bitcoin experienced a significant price increase in the last 24 hours. This rise coincided with the completion of Bitcoin’s fourth halving event and the launch of the Runes Protocol. The Runes Protocol was introduced as a new method that allows the creation of interchangeable tokens on the Bitcoin Blockchain. Protocol’s Impact on the Market The release of the Runes Protocol led to the minting of new tokens on Bitcoin and an increase in transaction fees. A total of $16.41 million was spent on transactions in Bitcoin, and 1447 Run tokens have been minted. Market Performance of ORDI Token While analyzing whether ORDI’s short-term price gains are sustainable, it was observed that demand has been low and market participants have been selling more. Key momentum indicators such as the Relative Strength Index and the Money Flow Index indicate high selling pressure and lagging buying […]

Effect of ORDI Token and New Protocols in the Crypto World

According to CoinMarketCap, ORDI token related to Bitcoin experienced a significant price increase in the last 24 hours. This rise coincided with the completion of Bitcoin’s fourth halving event and the launch of the Runes Protocol. The Runes Protocol was introduced as a new method that allows the creation of interchangeable tokens on the Bitcoin Blockchain.

Protocol’s Impact on the Market

The release of the Runes Protocol led to the minting of new tokens on Bitcoin and an increase in transaction fees. A total of $16.41 million was spent on transactions in Bitcoin, and 1447 Run tokens have been minted.

Market Performance of ORDI Token

While analyzing whether ORDI’s short-term price gains are sustainable, it was observed that demand has been low and market participants have been selling more. Key momentum indicators such as the Relative Strength Index and the Money Flow Index indicate high selling pressure and lagging buying activities.

Useful Information

The Runes Protocol offers a new method of creating tokens on the Bitcoin blockchain.
The price increase of ORDI may be related to the halving event and the launch of the Runes Protocol.
Market indicators suggest that ORDI’s price is in a downward trend and the downward trend may continue.
Open positions in the futures market increased by 10%, indicating investor positions toward the downward trend of ORDI.

In conclusion, the market performance of ORDI and other crypto assets may be closely related to the release of new protocols and major blockchain events. Investors and traders can better understand market dynamics by closely monitoring such developments and use this information to shape their investment strategies.

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