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Fortune

Ben Weiss

Ordinals are pushing Bitcoin beyond $25K. What are they?

Bitcoin Benjamin Franklin Solana Foundation blockchain Fortune

Digital generated image of bitcoin sign made out of golden bars stored on each other and starting ruining on concrete surface. (Credit: Andriy Onufriyenko—Getty Images)

Despite the Securities and Exchange Commission’s recent crackdown on crypto, Bitcoin is up, and up big: From Tuesday to Thursday, the price rose almost 14%, peaking just above $25,000, according to CoinMarketCap.

Pinpointing exactly why the price of the world’s first cryptocurrency rises and falls isn't an exact science, but reports of a recent short squeeze—investors who'd bet the price of Bitcoin would decrease sold holdings—is one explanation for Bitcoin’s sudden rally.

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