Ordinals are a relatively novel innovation within the crypto space, but ORDI, the cryptocurrency with the Ordinals namesake, is within the grasp of the bears.
According to the latest market data provided by CoinCodex, the token is down nearly 5% within the last 24 hours despite Bitcoin making an 11% gain within the past week.
Up And Down The Rabbit Hole
Even though the market seems bullish for Bitcoin and the market as a whole, Ordinals seem to go against the grain. Analysts are hopeful that ORDI is on the path to a potential bullish breakthrough, however, this seems unlikely.
Although BRC-20 standard tokens are following the general market trend, ORDI in itself is bland, offering no other utility, unlike others within the same category. But its utility in bringing NFTs to the Bitcoin blockchain might provide some value to the mix.
A recent “State of the Union-esque” done at Christie’s Art and Tech Summit showed that the NFT market’s relationship with the tradition
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