Biget 2024 Bitcoin Report: ORDI’s High Potential and the Critical Role of the Lightning Network

Victoria, Seychelles, December 15, 2023, Chainwire

Bitget Research, the world's leading cryptocurrency exchange and the research arm of Web3 Company, has released a research analysis that examines the macro and micro trends in the Bitcoin ecosystem. This report provides insights for investors and outlines future technological and financial trends for Bitcoin and its assets in the network for 2024.

Considering the future macroeconomic environment and market conditions, the Bitcoin ecosystem presents a promising outlook. Not only are popular cryptocurrencies like BTC and ORDI highly appreciated, but there will be new exciting opportunities for coins in the Bitcoin ecosystem. Although the volume of transactions in the Bitcoin NFT market is increasing, the current scale is relatively small, which shows the potential for future growth. At the same time, the Lightning Network is expected to serve as the main technological support for the widespread adoption of Bitcoin payments in the short to medium term.

Combining the above analysis, Ryan Lee, Principal Analyst at Bitget Research, makes some major predictions for future trends in the Bitcoin ecosystem. He predicts.

“If the Bitcoin ecosystem continues to expand, the increase in demand for Bitcoin could push the price of BTC to over $100,000 in the upcoming bull market. As a leading coin in the Bitcoin ecosystem, ORDI will place in the top 30 of the market in the next bull market.”

“Protocols like Bitcoin, Ordinal, Atomical and Taproot have huge potential for growth, new opportunities for 100x coins and NFTs will arise in these ecosystems. And in a short period of time, the Bitcoin ecosystem will assume a ‘one project, one protocol solution' status, developing different Bitcoin protocols. In the long term, a BTC virtual machine will emerge in the ecosystem that unifies developer compilation environments. On the other hand, the Lightning Network will be the biggest technical foundation supporting the continued acceptance of BTC payments, with more assets to be released. to be continued.

Key Takeaways:

ORDI: Currently, the market value of ORDI is about 400 million dollars, which indicates that it has a high potential compared to the market value of 4.9 billion dollars of SHIB, which is one of the main ETH memecoins. However, the introduction of the Ordinals protocol, while providing new functionality to the BTC network, also brings challenges. Ordinals work by embedding data into individual Bitcoin transactions, occupying a large block space and increasing the complexity of using the Bitcoin network as Ordinary Map BRC-20 and Ordinals NFT for a limited number of Satoshis. These obstacles require joint attention from the community and developers. Improved mining revenue: The launch of the Ordinals protocol has significantly boosted Bitcoin miners' revenue over the past three months, with on-chain payouts rising from 1.7% in August to 19.57% on November 10. These improvements in miners' earnings will in turn bring more support to the BRC-20 asset class and the Bitcoin ecosystem from the highly capitalized mining community. Lightning Network: Lightning Network is poised to be the leading technology enabler for widespread adoption of Bitcoin payments in the short to medium term, with near-instant transaction processing and new micropayment options in the digital economy. However, setting up and maintaining channels on the Lightning network is more complex than conducting simple Bitcoin transactions. Therefore, users need to 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 challenging to predict, but the data suggests that changes are imminent. As a global cryptocurrency, Bitcoin strengthens its acceptance with increasing acceptance. However, bottlenecks can occur in ecosystems for two main reasons. First, Bitcoin's limited scale hinders application implementation, causing bottlenecks at this stage and potentially affecting the overall development speed of the ecosystem. Second, Bitcoin's core developers, mostly conservative, hold reservations about the various asset protocols in the Bitcoin ecosystem. If prices drop or innovation stagnates, this stance can stifle ecosystem growth.

Overall, considering the future macro environment and market conditions, the Bitcoin ecosystem shows promising development prospects. Assets like BTC, ORDI and Bitcoin NFTs have growth potential, creating new opportunities for different coins in the Bitcoin ecosystem. The Lightning Network is set to act as the primary technical backbone for the widespread adoption of Bitcoin payments.

“This in-depth report is an invaluable resource that provides historical insights into the evolution of the Bitcoin network and unique perspectives on possible future scenarios. The insights gained from the report will play a critical role in guiding Bitget's overall product and platform development plan,” said Bitget Managing Director Gracie Chen. “Bitget remains steadfast in its commitment to support and advance these trends in the evolving Bitcoin ecosystem and the Web 3 industry.”

In line with Bitget's efforts to support the development of the Bitcoin ecosystem, Bitget Wallet will strategically focus on expanding its support for the Bitcoin ecosystem. Apart from providing basic functions for BTC asset management, exchange and floating, Bitget Wallet offers Taproot compatibility for BRC-20 tokens and NFTs with asset transfers.

Users can track market trends on Bitget Swap and interact with popular projects on the Biget Wallet DApp browser. In the future, Bitget Wallet will focus on the mid- to long-term market prospects of the Bitcoin ecosystem, and work to enhance both its technological infrastructure and product features. This includes investments in key areas such as Lightning Network, Nostrot and Taproot properties, BRC-20 and ARC-20 articles.

About Bitget

In the year Founded in 2018, Bitgate is the world's leading cryptocurrency exchange and offers copy trading services as one of its key features. Serving more than 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. BitGate works with trusted partners, including the legendary Argentinian soccer player Lionel Messi and official eSports events organizer PGL, to inspire individuals to embrace crypto.

To protect users' money on the platform, Bitgate takes the highest level of security and protection measures, including a 300 million dollar protection fund, fund protection service, fully protected by the Merkle tree authentication 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 investment offer.

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Rachel Cheng[email protected]