- ORDI token price roared back to the highest point this year.
- The total Bitcoin Ordinals NFT sales soared to over $185 million this month.
- US inflation dropped in October and the price of crude oil tumbled.
ORDI crypto price continued its strong bullish trend this week as demand for the token continued soaring. The token surged to a high of $27.67 on Thursday, which was much higher than last month’s low of $2.95. This makes it one of the fastest-growing tokens this year.
ORDI has jumped for three main reasons. First, it has jumped as demand for Bitcoin Ordinals have jumped in the past few months. The most recent data shows that sales have risen to over $26 million in the past 24 hours. This means that Ordinals are doing much better than Ethereum, which handled over $11 million in the same period.
Bitcoin Ordinals have become incredibly popular in the past few months. According to CryptoSlam, total sales in November have jumped to over $185 million as the number of unique buyers and sellers reached 36k and 40k, respectively. Sales totaled $16 million in October, $14 million in September, and $11 million in August, implying that demand is rising.
ORDI has also jumped because of the strong performance of Bitcoin, which has risen to over $37,000 in the past few months. Bitcoin’s surge has happened because of hopes that the Federal Reserve will pause its interest rates and then slash them in 2024. This view was confirmed after the US published encouraging inflation data.
Inflation will likely continue falling now that the price of crude oil has tumbled. Brent, the global benchmark, crashed to $77.50 on Friday while West Texas Intermediate (WTI) plunged to $72. In most periods, crypto tokens tend to rise when Bitcoin is thriving.
Finally, ORDI price jumped as a sense of Fear of Missing Out (FOMO) moved in. This explains why most cryptocurrencies like Bonk, Solana, Avalanche, and Mantle have also roared back.
As ORDI price jumped, futures open interest soared. Interest rose to an all-time high of over $102 million. Most of this open interest jumped to over $32 million in Binance followed by OKX and Bybit.
