The original token of the Satoshi Network, SATS (Ordinals), has become the best-performing of the top 200 cryptocurrencies this week, with an unprecedented 63% rise in value over the last week.
SATS has a market capitalization of $415.8 million and a 24-hour trade volume of $56.8 million. Its price is $0.000000198 at the moment. It has gone down by 8% in the last 24 hours, but over the past year it has grown by a phenomenal 3,999%.
Technical signs show that the market is optimistic about SATS. The Relative Strength Index (RSI) is still above 50, which means there is strong movement for the price to go up. The 50-day and 200-day Simple Moving Averages (SMAs) are $0.006239 and $0.006495, which means the market is likely to stay stable.
SATS Long-Term Optimism
The short-term price is likely to stay stable, with August’s average staying around $0.00000020. The long-term price prediction for 2024 is more optimistic, with an average price of $0.000000350.
Fundamental research shows how important supply and demand are in determining the price of SATS. As of the moment, the Fear & Greed Index is at a balanced 47. The 30-day price volatility is at 25.90%, and 13 of the last 30 days have seen price increases.
Non-fungible tokens (NFTs) can be created and traded on the Bitcoin network courtesy to the SATS protocol. This is an important factor for the recent price rise. More people want the token because the Ordinals system is becoming more popular and can be used in more ways.
On the Ordinals network, developers are busy making decentralized apps (dApps) and tools, which is growing the ecosystem even more.
Crypto fans and investors are also very interested in the well-known NFT collections that were released on the Ordinals system. These collections, which include one-of-a-kind digital art and collectibles, have greatly increased trade activity and helped SATS’s price rise.
The community is also stronger now that Ordinals is part of the Stacks layer-2 solution for Bitcoin. Stacks make it possible to build smart contracts and independent apps on the Bitcoin network. This gives the Ordinals protocol a strong foundation on which to grow.
The SATS coin is likely to stay a top performer in the cryptocurrency market as the Ordinals ecosystem continues to grow and bring in more developers. As more people become interested in Bitcoin-based NFTs and the Ordinals protocol’s unique features, the token’s value may continue to rise significantly over the next few weeks and months.
