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ORDI crypto price has done well this year, making it one of the best-performing cryptocurrencies in the world. The token has jumped from the year-to-date low of $2.5 to over $60, giving it a market cap of over $1.2 billion. Still, I believe that ORDI has more upside as we move into 2024.
Federal Reserve pivot
The first reason I am buying ORDI – and several tokens – is that the Federal Reserve has started its pivot. In its final monetary policy meeting of the year, the bank decided to leave interest rates unchanged. And most importantly, the committee pointed to three more rate cuts in 2024.
Most Wall Street economists believe that the Fed will deliver more cuts than predicted. In a statement, those at ING noted that they expect about 150 basis point cut, double what the Federal Reserve guided.
Jeff Gundlach of Doubleline Capital sees 200 bps cut while those at Goldman Sachs expect the Fed to start cutting them in March. Therefore, risky assets that underperformed in the era of high interest rates will likely do well when the pivot starts.
Watch here: https://www.youtube.com/embed/o14t2bVOWLY?feature=oembed
Bitcoin Ordinals NFTs are doing well
The other reason to buy ORDI is that Bitcoin Ordinals ETFs are doing well. According to CryptoSlam, the total sales of Bitcoin NFTs in the past 24 hours stood at over $39.9 million. In comparison, Ethereum and Solana NFT sales rose to $14.8 million and $14.1 million, respectively.
In the past 30 days, Bitcoin NFT sales jumped to over $506 million while Ethereum had just over $380 million. Notably, wash sales in Bitcoin totaled just $7 million and $402 million in Ethereum. A few months ago, it was hard to predict that Ethereum would be dethroned by Bitcoin. ORDI price will likely continue doing well as demand for these NFTs increase.
Bitcoin as a catalyst
In addition, Bitcoin will likely be a catalyst for ORDI token price. My base case is that Bitcoin will likely retest its all-time high of $68,000 in 2024. In addition to the Fed, there are other catalysts for the coin.
Bitcoin halving is set to happen in April while the Securities and Exchange Commission (SEC) is set to approve a spot Bitcoin ETF in the next few weeks or months.
Most importantly, as I wrote in this article, Bitcoin will start playing a role in balanced portfolios. Besides, the coin has outperformed all asset classes over the years and survived some of the most challenging situations in the industry. For example, it survived the collapse of FTX, Mt.Gox, Voyager Digital, and Three Arrows.
Therefore, ORDI will likely do well as Bitcoin gains more institutional adoptions in the coming years. In addition to ORDI, other Bitcoin-related coins to consider are Stacks (STX) and Litecoin (LTC).
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