Victoria, Seychelles, December 15th, 2023 – Chainwire
Bitget Research, the research arm of Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released a research analysis examining macro and micro trends within the Bitcoin ecosystem. This report outlines potential future technological and financial trends for Bitcoin and its assets, as well as provides insights for investors in 2024.
According to Ryan Lee, Chief Analyst at Bitget Research, the future macroeconomic environment and market conditions present a promising outlook for the Bitcoin ecosystem. Not only do popular cryptocurrencies like BTC and ORDI have potential for appreciation, but there will also be new opportunities for coins within the network. The trading volume in the Bitcoin NFT market has surged, but it still remains relatively small, indicating the potential for growth.
Lee predicts that “if the Bitcoin ecosystem continues to expand, the surge in demand for Bitcoin may drive the price of BTC to surpass its previous highs in the upcoming bull market, potentially reaching as high as $100,000. As the leading coin of the Bitcoin ecosystem, ORDI will rank in the top 30 by market cap in the next bull market. Protocols like Bitcoin, Ordinal, Atomical, and Taproot have potential for growth, with new opportunities for 100x coins and NFTs. The Lightning Network will be the largest technical foundation supporting continued adoption of BTC payments, with more assets to be issued on it.”
Key Takeaways
- ORDI: ORDI’s current market cap stands around $400 million, suggesting high potential when compared to SHIB, one of the leading ETH memecoins. However, the introduction of the Ordinals protocol brings challenges, as it embeds data into individual Bitcoin transactions, occupying considerable block space and increasing complexity. These hurdles need to be addressed by the community and developers.
- Improved Miner Revenue: The launch of the Ordinals protocol has significantly boosted Bitcoin miners’ earnings over the past three months. The proportion of earnings from on-chain fees has gradually risen from 1.7% in August to a peak of 19.57% on November 10. This improvement will likely lead to further support for the BRC-20 asset class and the Bitcoin ecosystem from the heavily capitalized miner community.
- Lightning Network: The Lightning Network is expected to facilitate the wider adoption of Bitcoin payments in the short to medium term with its almost instantaneous transaction processing and new micropayment options in the digital economy. However, setting up and maintaining channels on the Lightning Network is complex, raising the entry barrier for the wider adoption of Bitcoin payments.
- Potential Bottlenecks: It is uncertain whether the Bitcoin ecosystem can sustain its current growth trajectory, but data hints at potential shifts. As a global cryptocurrency, Bitcoin strengthens its consensus with increased acceptance. Potential bottlenecks may emerge due to Bitcoin’s limited scalability and the core developers’ conservative stance on various asset protocols within the Bitcoin ecosystem.
In general, the future macro environment and market conditions show promising development prospects for the Bitcoin ecosystem. Assets such as BTC, ORDI, and Bitcoin NFTs may have potential for growth, with new opportunities for various coins within the Bitcoin ecosystem. The Lightning Network is expected to provide the primary technical backbone for the wider adoption of Bitcoin payments.
“This in-depth report is an invaluable source, providing historical insights into the development of the Bitcoin network and unique perspectives on potential future scenarios. The profound insights from the report will play a pivotal role in guiding Bitget’s comprehensive plan for product and platform enhancement,” said Gracy Chen, Managing Director of Bitget. “Bitget remains committed to supporting and advancing these trends within the evolving Bitcoin ecosystem and the Web 3 industry.”
In line with Bitget’s efforts to support the development of the BTC ecosystem, Bitget Wallet offers various functionalities. Apart from providing support for BTC asset management, swaps, and on-ramping, it also offers Taproot compatibility together with asset transfers for BRC-20 tokens and NFTs. Users can track market trends on Bitget Swap and interact with popular projects on Bitget Wallet’s DApp browser. Bitget Wallet will focus on medium to long-term market prospects of the Bitcoin ecosystem, and work to enhance its technological infrastructure and product features.
About Bitget
Established 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 more than 100 countries and regions, the exchange is committed to helping users trade smarter by providing a secure, one-stop trading solution. Bitget inspires individuals to embrace crypto through collaborations with credible partners, including legendary Argentinian footballer Lionel Messi and official eSports events organizer PGL.
To safeguard users’ funds on the platform, Bitget adopts top-notch security and protection measures including a $300 million Protection Fund, a Fund Custody service, pledged to be fully reserved back by the Merkle Tree Proof of Reserves model.
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BitGet is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to invest.
Contact
Rachel Cheung
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