- Cryptocurrency prices have outperformed stocks and cryptocurrencies.
- While Bitcoin is making headlines, ORDI and Celestia are doing much better.
- Bitcoin Ordinals NFT sales have blasted past Ethereum
Cryptocurrency prices are having a remarkable week. Bitcoin surged to a high of $44,000 on Tuesday, its highest point since April last year. The total market valuation of all digital coins has surged to over $1.6 trillion. Most tokens have joined this rally, with Solana, Bonk, and Casper surging. This article looks at what is happening with ORDI and Celestia.
ORDI price analysis
ORDI is the native token for Bitcoin Ordinals, the fastest-growing non-fungible token (NFT) ecosystem in the world. The token has done quite well as it jumped from less than $3 a few months ago to $61. This means that it has soared by more than 2,030% from its lowest level this year, making it one of the top performers.
ORDI’s rally has pushed its total market cap sharply higher to over $1.2 billion. Its daily trading volume has also been in an uptrend. It jumped to over $1.1 billion on Tuesday and was already at over $996 million on Wednesday morning. A few days ago, the volume was averaging less than $300 million.
ORDI price has jumped for three main reasons. First, Bitcoin Ordinals have grown to become the biggest NFTs in the industry. Total sales in the past 24 hours stood at over $18 million compared to Ethereum’s $15 million. Notably, there was no wash trading in its ecosystem, according to CryptoSlam.
Second, ORDI has jumped because of the recent Bitcoin price rally. And finally, there is the general hype about ORDI, which has led to Fear of Missing Out (FOMO).
Turning to the daily chart, we see that the ORDI token has surged to over $60. It has jumped above all moving averages and become oversold, according to the Relative Strength Index (RSI) and Stochastics. Therefore, I suspect that the coin will pull back to about $50 and then resume its bullish trend.
Celestia TIA price forecast
Celestia is one of the newest layer 1 networks in the industry. Its mainnet went live in October in one of the most popular airdrops of the year. Since then, the TIA token has surged from $2 to over $11. This growth happened even as the ecosystem and transaction figures remained quite small.
TIA price has jumped above key resistance levels in the past few days. It initially jumped above the resistance level at $7.50, its highest swing on November 18th. It recently moved above the psychological point at $10.
The Relative Strength Index has jumped to 80, signaling that it is getting overbought. It has also remained above the 25-period and 50-period moving averages. Therefore, I believe that TIA price will ultimately jump to $20 in the coming weeks. However, before that, I suspect that it will have a small pull back as some buyers take profits.
