With the crypto market well on the way to a good start in light of a resurgence of bullish sentiments, crypto exchange Bitget has released a detailed analysis of the Bitcoin ecosystem.
Crypto exchange Bitget releases optimistic report on Bitcoin (BTC)
The Bitget analysts are confident that the Bitcoin network and its many superstructure elements are poised to play a vital role in advancing the cryptocurrency market beyond 2024, with the report outlining the factors supposed to act as catalysts.
The first prediction that investors should take note of is based on current price dynamics, indicating that Bitcoin could hit the $100,000 mark if the bullish market picks up pace. The second prediction asserts that such growth will trigger the rise of Bitcoin network native assets like ORDI to the top 30 by market capitalization.
The third prediction hooks up the near-dead NFT market, predicting its 100-fold growth thanks to the ongoing development of protocols like Ordinals, Atomicals, and Taproot Assets. On the technical side, the Bitcoin network is projected to remain nestled in the ‘one project, one protocol solution’ status, limiting its explosive diversification. This, in turn, results in long-term prediction, which asserts that a BTC virtual machine is in the making, becoming vital for maintaining unity and compatibility among the many network protocols and assets.
The last prediction is of the greatest importance, as it lays the groundwork for all previous ones, outlining the critical contribution of the Lightning Network as a facilitator of scaling and throughput acceleration. If the Lightning Network manages to become a mainstream solution, it can give the Bitcoin ecosystem the impetus needed to become a global payments gateway and pave the way for its adoption on the corporate financial levels.
Bitcoin-based tokens on fire: Check out the numbers
Investors can turn to the research material with confidence in search of potential unicorns, as the report leverages statistical data to highlight the growth of tokens like ORDI with a market cap of $400 million and 1,200% growth. There is also a ray of sunshine for miners, as the document suggests that the launch of the Ordinals protocol can boost their revenues in the future, especially given the growing support for BRC-20 assets.
The challenges facing the ecosystem were also addressed, specifically the issue of bottlenecks and limited scalability. However, the document stresses that technical issues are far from the greatest hurdle, as the impediment to network development stems from human factors – namely the reluctance of the core development team to deviate from their conservative approach to system diversification and innovation introductions.
Bitget is capitalizing heavily on the Bitcoin network and its potential, considering that the platform’s native Bitget Wallet is actively introducing support for assets based on the network. Overall, the document reflects accurate historical data and an in-depth analysis of potential development of the Bitcoin ecosystem if the market moves in a favorable direction and the development team behind the network maintains a favorable approach towards innovation.
Alex Dovbnya
Denys Serhiichuk
Tomiwabold Olajide
