Bitcoin Surge Boosts ORDI and BCH, Traders Cautioned
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.
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
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