Bitcoin Surge Boosts ORDI and BCH, Traders Cautioned

Share on Facebook Share on Twitter

Bitcoin hits $41,000: BCH and ORDI Follow Suit

Bitcoin recently reached the $41,000 mark. This has proven to be good news for the cryptocurrencies ORDI and BCH, as traders for both assets have become bullish. ORDI and BCH are among the few cryptocurrencies that have recorded double-digit gains in the last 24 hours.

Bitcoin Cash and Ordi Benefit

Bitcoin Cash [BCH] and Ordi [ORDI] were two of the biggest winners in a movement that brought Bitcoin [BTC] to a new high this year. At the time of the press release, ORDI had gained 30% in 24 hours, while BCH had risen by more than 10%.

Bitcoin Cash and the Hard Fork

For Bitcoin Cash, which was created by a hard fork from Bitcoin in 2017, this split seems to be working in its favor. A hard fork refers to an update that is implemented in a blockchain and can lead to a split into two cryptocurrencies. BCH was a hard fork from Bitcoin, but still functions as a decentralized peer-to-peer network, just like the original blockchain. Therefore, BCH usually follows when BTC rises.

alert-circle
You can also find us on Telegram: Click here to follow our Telegram channel.

ORDI and Its Strong Correlation with Bitcoin

For ORDI, the highest BRC-20 token, its strong correlation with Bitcoin has contributed to its success. BRC-20 is an experimental token standard that allows the minting of fungible tokens on the Bitcoin blockchain. It’s also important to mention that ORDI’s rise to $42.25 means it has reached a new all-time high (ATH).

Caution: Not All That Glitters Is Gold

Traders are likely trying to profit from the price movement while they watch the potential highs and lows. An evaluation of the funding rate showed that this metric was consistently green. Funding rates are fees paid between shorts and longs to keep their contract open. If the funding rate is negative, it means that traders are bearish and expect the price to fall.

Careful with BCH’s Price Action

However, traders should not be too excited about BCH’s price action. This is due to the trend shown by the open interest. Open interest shows the total number of outstanding futures contracts at the end of a trading period. Realistic or not, here is ORDI’s market capitalization in BCH’s terms.

Sources

Santiment, Coinglass

Share on Facebook Share on Twitter

The 3 best cryptocasinos

Up to 1 BTC + 100 Free Spins
First Deposit Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Bets.io review
Cryptocurrencies (12)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Bets.io review

Bonus information

Bonus code: BETSFTD
Wagering requirements: 40x the bonus amount
40x the winnings from free spins
Minimum deposit: 20 USDT or equivalent
Bonus validity: 14 days
  • Maximum bet per round while wagering: 2 USDT – 0.000066 BTC , 0.01 BCH, 0.0011 ETH, 0.02 LTC, 40 DOGE, 2.8 XRP, 25 TRX, 6.6 ADA, 0.008 BNB, 2 BUSD, 2 DAI, 2 EUR – 2 USD.
  • Bonus must be used within 30 days of registration.
Why we like this casino

Bets.io is an impressive crypto casino that boasts a variety of games and renowned software providers. The website is easy to use and offers a wide selection of games, which makes the gaming experience particularly enjoyable. Furthermore, the customer service is available 24/7. They are highly competent, ensuring a reliable and trustworthy service.

Last update by Isabella Brown (iGaming expert for > 10 years) on 1. March 2024
Curaçao
Licence
100% up to 1 BTC
Welcome Bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Metaspins review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
  • usd-coin-logo
Metaspins review

Bonus information

Wagering requirements: 25x deposit & bonus
Minimum deposit: 0,1 mBTC
Bonus validity period: 7 days
  • Bonus & deposit must be wagered 25x
  • Max amounts: 1 BTC/10 ETH/10,000 USDT/10,000 USDC/100 BCH/200,000 TRX/35,000 ADA/150 LTC/125,000 DOGE
  • 7 days to wager
  • Minimum deposit: 0.1 mBTC
  • Slots 100%, game shows 50%, other 0%
Why we like this casino

Metaspins is still a very young crypto casino, but it can already convince with a very modern website, a good selection of games and, above all, an excellent bonus.

Isabella Brown
Last update: 1. March 2024
100% up to 1 BTC + 100 Free Spins
Welcome bonus
9.9
/ 10
Very good
Play now

T&Cs Apply, 18+

Empire.io review
Cryptocurrencies (9)
  • Bitcoin Logo
  • Ethereum Logo
  • Litecoin Casino
Empire.io review

Bonus information

Bonus Code KC100
Wagering requirements Bonus must be wagered 40x
Winnings from free spins must be wagered 40x
Minimum deposit 30 USDT or equivalent
Maximum bet €5 per round
Bonus currency Only with BTC and USDT deposit
  • The free spins are given on Sweet Bonanza.
  • VERY IMPORTANT: The bonus is only available when depositing with these methods: BTC & USDT.
  • To take advantage of the offer, change your wallet to mBTC (μBTC) or USDT and activate the bonus by clicking on “Redeem Bonus” and entering the bonus code.
  • Only the first deposit counts for the bonus.
Why we like this casino

We absolutely recommend Empire.io since it has one of the best crypto teams we know behind it. On top of that, it offers an extensive selection of slots and live games. The bonus is also exceptional with good conditions.

Last update by Isabella Brown (Nerd of Numbers) on 1. March 2024
Curaçao
Licence

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 19. February 2024

🍪
We use cookies. By using this site, you accept them.