ORDI token is on the top of crypto news for the entire first week of December, 2023. The significant price rise combined with a heavy trading volume made the ORDI token a talk of the town. The ORDI price is presently trading at $57.11 on December 7, 2023 after reaching a new all-time high (ATH) value of $68.57 in the last 24 hours.

The price of the ORDI token briefly dropped to around $50 within a few hours of its ATH, demonstrating the volatility of cryptocurrencies once again. We will discuss everything you need to know about the ORDI token price rally in the present article.

About Bitcoin Ordinals ORDI Token

Casey Rodarmor developed the Ordinals protocol on Bitcoin, enabling developers to inscribe data on satoshis, the smallest denomination of Bitcoin. Bitcoin blockchain stopped being limited to enabling just peer-to-peer transactions and started supporting the creation of fungible and non-fungible tokens.

ORDI token is one of the top BRC-20 tokens that was developed on the Bitcoin blockchain with the help of the Ordinals protocol. It started the spree of BRC-20 tokens and proved that it is possible to develop fungible tokens on the Bitcoin blockchain.

Why is Bitcoin Ordinals ORDI Token Pumping?

Bitcoin Ordinals ORDI token witnessed a substantial price rise in the first week of December. It recorded weekly gains of 184% and monthly gains of over 400% as of December 7, 2023.

The ORDI token surpassed the $1 billion market capitalization with the recent price rally and stood out from the rest of the BRC-20 tokens. The trading volume of the ORDI token has also increased significantly. Let us discuss the two major reasons behind the ORDI token price surge.

Binance Listing

The current Ordinals token price rally initially started with the announcement of Binance crypto exchange platform. Binance announced the ORDI token listing on November 7, 2023, initiating the price surge of the Ordinals token.

Being the leading crypto exchange platform, the Binance listing has resulted in a significant price surge of the ORDI token. It went to as high as $26 within a week from trading at around $7 on November 6, 2023. After dropping by the end of November, the ORDI token price again started to rise as the last month of 2024 entered.

Users can buy and sell almost all the BRC-20 tokens, including the ORDI token, using the UniSat crypto wallet or the UniSat marketplace. Apart from that, a very few crypto exchanges allowed users to trade ORDI tokens initially.

Being able to buy, sell, and store the ORDI tokens on the most popular Binance crypto exchange is not a small thing for investors. The Binance listing has brought the ORDI token into the legit cryptocurrency list and boosted investor confidence in buying the tokens. The listing not only increased ORDI token price but also brought a significant rise in its trading volume.

Bitcoin Price Rally

The positive performance of Bitcoin impacts the overall crypto market performance. The recent Bitcoin price rally has already started impacting the prices of several cryptocurrencies. And, being the BRC-20 token on the Bitcoin blockchain, the ORDI token price has also been influenced by the Bitcoin price surge.

Bitcoin price went up significantly this month and even crossed the $40,000 mark in the first week of December. The fact that Bitcoin surpassed $40,000 is noteworthy because it’s been more than one and a half years since Bitcoin has traded at that price level.

The Brief Price Dump of the ORDI Token

Meanwhile, one of the core Bitcoin developers, Luke Dashjr posted on X stating Ordinals protocol and BRC-20 tokens will cease to exist in the next year. The comments of Luke Dashjr made waves in the Bitcoin community and caused a price dump of the ORDI token.

PSA: “Inscriptions” are exploiting a vulnerability in #Bitcoin Core to spam the blockchain. Bitcoin Core has, since 2013, allowed users to set a limit on the size of extra data in transactions they relay or mine (`-datacarriersize`). By obfuscating their data as program code,…

— Luke Dashjr (@LukeDashjr) December 6, 2023

Luke Dashjr wrote that Bitcoin inscriptions are made possible by exploiting a vulnerability on the Bitcoin core. The vulnerability will still exist in the upcoming v26 upgrade on the network.

However, Luke Dahjr hopes that it will get fixed before v27 upgrade in the next year, which implies that ordinals and BRC-20 tokens will not exist once the vulnerability will get fixed.

The comments of Luke Dashjr started a turmoil and caused a brief price dump in the ORDI price. From trading at around $64 on December 6, ORDI token price dropped to $42 within a few hours because of the developer’s post.

However, the ORDI token price bounced back and went to an all-time high value of $68.57 on December 7, 2023.

What’s Next for Bitcoin Ordinals ORDI Token?

The ORDI token price is trading at $54.58 at the time of writing on December 7, 2023. It is hard to say if the first Ordinals token, ORDI sustains its price rally or will drop in the coming weeks.

No matter the ongoing market performances, it became clear that BRC-20 tokens are a result of Bitcoin’s vulnerability. If it gets fixed, as posted by Luke Dashjr, BRC-20 tokens, including ORDI token, will be no more. We have to wait until the next Bitcoin upgrade to see what happens to the ORDI token, along with other BRC-20 tokens.