Bitget Research, Bitget’s research arm, released a research analysis offering insight into micro and macro trends within the Bitcoin ecosystem.

The report provides potential future trends, both technological and financial, for Bitcoin and its assets for 2024. According to the report, 2024 presents a promising outlook for the Bitcoin ecosystem, with popular cryptocurrencies such as BTC and ORDI showing significant potential for appreciation. Currently, ORDI has a market cap of about $400 million, showing much growth potential compared to its counterparts on other blockchains, such as SHIB, one of the leading meme coins on Ethereum, with a $4.9 billion market cap. 

Notably, the report also points out the potential for the Bitcoin NFT market, which, despite the recent surge, remains relatively small. 2024 could see improved miner revenue, especially with the launch of the Ordinals protocols that have helped to boost BTC miners’ earnings. Reportedly, in the last three months, earnings from on-chain fees rose gradually from 1.7 % to 19.57%. The effects of the miner earning are expected to lead to further support for the BRC-20 asset class and the Bitcoin ecosystem.

In addition, the Lightning Network is expected to provide the primary technological support helping with the wider adoption of Bitcoin payments on the short to medium terms.

While making predictions of future trends in the Bitcoin ecosystem, Ryan Lee, Chief Analyst at Bitget Research stated:

“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.”

The report also points out the significant potential for growth for major protocols such as Bitcoin, Atomical, Ordinal, and Taproot. Lee predicts that coins within these ecosystems could rise by over 100x coins, with NFTs showing a potential surge.

In the future, the report predicts the emergence of a BTC virtual machine within the ecosystem that will be used for unifying developer compile environments.

On the downside, the report points out the potential rise of bottlenecks resulting from Bitcoin’s shortcomings. First is Bitcoin’s limited scalability, which has impeded application implementation, and the second is reservations by core Bitcoin developers on various aspects of the protocol. The report indicates Bitcoin’s possibility of running the next bull market.

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Filed under: Bitcoin - @ December 15, 2023 9:55 pm