Victoria, Seychelles, December 15, 2023, Chainwire
Bitget Research, the research arm of Bitget, the world’s leading cryptocurrency exchange and Web3 company, has published a research analysis exploring macro and micro trends within the Bitcoin ecosystem. This report provides insights for investors and outlines potential future technological and financial trends for Bitcoin and the assets within the network in 2024.
Considering the future macroeconomic environment and market conditions, the Bitcoin ecosystem presents promising prospects. Not only do popular cryptocurrencies like BTC and ORDI have the potential for significant appreciation, but there will also be new and exciting opportunities for coins within the Bitcoin ecosystem. While the transaction volume of the Bitcoin NFT market has increased rapidly, the current size is relatively small, so potential for future growth is expected. At the same time, the Lightning Network is expected to serve as a key technical enabler for the widespread adoption of Bitcoin payments in the short and medium term.
Summarizing the above analysis, Bitget Research Senior Analyst Ryan Lee We make some key predictions about future trends in the Bitcoin ecosystem. He predicts,
“If the Bitcoin ecosystem continues to expand, the surge in demand for Bitcoin could push the BTC price past previous highs in the upcoming bull market, potentially reaching up to $100,000. ORDI, the leading coin in the Bitcoin ecosystem, will be in the top 30 by market capitalization in the next bull market. “
“Protocols such as Bitcoin, Ordinal, Atomical and Taproot have significant growth potential as new opportunities for 100x coins and NFTs arise within these ecosystems. And in the short term, the Bitcoin ecosystem will remain ‘one project, one protocol solution’, fostering a variety of Bitcoin protocols. In the long term, a BTC virtual machine will emerge within the ecosystem to unify the developer compilation environment. On the other hand, lightning network “It will be the largest technological foundation supporting the continued adoption of BTC payments and will see more assets issued.” He continues.
Key Takeaways:
- Ordi: ORDI’s current market capitalization is approximately $400 million, suggesting high potential compared to the $4.9 billion market capitalization of SHIB, one of the major ETH memecoins. However, while the introduction of the Ordinals protocol brings new features to the BTC network, it also brings challenges. Ordinals maps BRC-20s and Ordinals NFTs to specific Satoshis, so they work by embedding data in individual Bitcoin transactions, occupying significant block space, and increasing the complexity of using the Bitcoin network. These obstacles require the collective attention of the community and developers.
- Improved miner revenue: The launch of the Ordinals protocol has led to a significant increase in Bitcoin miners’ revenue over the past three months, with the percentage of on-chain fee revenue gradually increasing from 1.7% in August to a peak of 19.57% on November 10. These improvements to miners’ returns will eventually lead to further support for the BRC-20 asset class and the Bitcoin ecosystem from a large community of miners.
- Lightning Network: The Lightning Network is poised to become a key technological enabler for the widespread adoption of Bitcoin payments in the short and medium term, with near-instant transaction processing and new micropayment options in the digital economy. However, setting up and maintaining a channel on the Lightning Network is more complicated than performing a simple Bitcoin transaction. Users must therefore understand how to open, manage, and close channels, which raises the barrier to entry for widespread adoption of Bitcoin payments.
- Potential bottlenecks: The question of whether the Bitcoin ecosystem can sustain its current growth trajectory is difficult to predict, but the data hints at a potential shift. As a global cryptocurrency, Bitcoin strengthens consensus through greater acceptance. However, bottlenecks can appear within an ecosystem for two main reasons: First, Bitcoin’s limited scalability can hinder application implementation, creating a bottleneck at this stage and potentially affecting the overall development pace of the ecosystem. Second, Bitcoin’s core developers, who are mostly conservative, have reservations about various asset protocols within the Bitcoin ecosystem. This stance can hinder ecosystem development if prices fall or innovation stagnates.
Overall, considering the future macro environment and market conditions, the Bitcoin ecosystem shows promising development prospects. Assets such as BTC, ORDI, and Bitcoin NFTs have growth potential as new opportunities arise for various coins within the Bitcoin ecosystem. The Lightning Network is poised to serve as the primary technological backbone driving widespread adoption of Bitcoin payments.
“This in-depth report is a valuable source of historical insight into the development of the Bitcoin network and a unique perspective on potential future scenarios. “The report’s profound insights will play a pivotal role in guiding Bitget’s comprehensive plans for product and platform enhancements.” Gracie Chen, Managing Director of Bitget. “Bitget remains committed to supporting and advancing these trends within the evolving Bitcoin ecosystem and Web 3 industry.”
In line with Bitget’s efforts to support the development of the BTC ecosystem, Bitget Wallet is strategically focused on expanding support for the Bitcoin ecosystem. In addition to providing basic features such as BTC asset management, swap and on-ramping support, Bitget Wallet also offers Taproot compatibility along with asset transfers for BRC-20 tokens and NFTs.
Users can track market trends on Bitget Swap and interact with popular projects in Bitget Wallet’s DApp browser. Going forward, Bitget Wallet will focus on the mid- to long-term market outlook for the Bitcoin ecosystem and strive to improve both its technical infrastructure and product features. This also includes increased investments in key areas such as Lightning Network, Nostr and Taproot Assets, and BRC-20 and ARC-20 inscriptions.
Introduction to Bitget
Founded in 2018, Bitget is the world’s leading cryptocurrency exchange that offers copy trading services as one of its key features. Serving over 20 million users in over 100 countries and regions, the exchange is committed to helping users trade smarter by providing secure, one-stop trading solutions. Bitget inspires individuals to embrace cryptocurrency through collaborations with trusted partners, including legendary Argentine soccer player Lionel Messi and official esports event organizer PGL.
To protect user funds on its platform, Bitget adopts the highest level of security and protection measures, including a $300 million protection fund, a fund management service that promises to be fully secured by the Merkle Tree Proof of Reserves model.
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BitGet is the source of this content. This press release is provided for informational purposes only. The information does not constitute investment advice or an investment recommendation.
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