Ordinal betting rises before halving as Bitcoin surpasses $71K. Bitcoin surpassed $71,000 during Asian trading hours on Monday ahead of the anticipated reward halving on April 20, boosting some Ordinal and BRC-20 ecosystem bets despite the overall stability in the crypto market.
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Ordinal betting rises before halving
The broader cryptocurrency markets observed saw little change over the weekend, but certain Ordinal ecosystems experienced gains as a reflection of Bitcoin’s performance. BTC’s 2% rise in the past 24 hours, reaching its highest level since April 1 according to CoinGecko data, contrasted with the modest 0.43% increase in the CoinDesk 20 index, which tracks the most liquid tokens excluding stablecoins.
https://coinmarketcap.com/currencies/bitcoin/
The reward halving, which occurs when the mining reward for transactions is halved, historically precedes a bullish trend for Bitcoin as it reduces the rate at which new coins are created, thus decreasing the available new supply. The current block reward of 6.25 BTC will decrease to 3.125 BTC after the halving.
https://watcher.guru/bitcoin-halving
Increased leveraged Bets
Open interest in BTC-tracked futures has been consistently high above $25 billion for several weeks, indicating increased leveraged bets on expected price volatility. Some tokens and projects within the Bitcoin ecosystem rose as traders anticipated a rally following the halving event, providing a way to indirectly benefit from Bitcoin’s rise without using futures or leverage.
Data shows that Ordinal volumes surpassed those of Ethereum and Solana in the past week, driven by tokens like NodeMonkes and Pups. In contrast, non-fungible token (NFT) activity decreased by 95% across all networks during the same period, suggesting a specific increase in Ordinal activity.
Surge in BRC-20 tokens
BRC-20 tokens rose nearly 6% in the past 24 hours, with tokens like Multibit (MULTI) rising by 22%, and meme coins like pepe (PEPE), Alex (ALEX), and pizza (PIZA) increasing by as much as 60%. However, PUPS, the token of the Pups Ordinal, declined by 22% as traders took profits following a 500% surge over the weekend.
https://coinmarketcap.com/view/brc-20/
Ordinals enable data embedding into the Bitcoin blockchain by including references to digital art in small Bitcoin-based transactions. The BRC-20 standard, introduced last year, allows users to issue transferable tokens directly through the network for the first time.
Conclusion
To conclude, ordinal betting rose before halving as Bitcoin surpassed $71K reflecting traders’ optimism. Despite the broader crypto market’s stability, Bitcoin’s performance continues to drive interest and investment, particularly in tokens like NodeMonkes and BRC-20 projects, highlighting the evolving dynamics within the crypto space.
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