Cryptocurrency
Bitget’s 2024 Bitcoin Report: ORDI’s High Potential and Lightning Network’s Crucial Role
[PRESS RELEASE – Victoria, Seychelles, December 15th, 2023]
Bitget Research, the research arm of Bitget, the world’s leading cryptocurrency exchange and Web3 company, has released a research analysis delving into macro and micro trends within the Bitcoin ecosystem. This report offers insights for investors and outlines potential future technological and financial trends for Bitcoin and its assets within the network for 2024.
Given the future macroeconomic environment and market conditions, the Bitcoin ecosystem presents a promising outlook. Not only do popular cryptocurrencies like BTC and ORDI have significant potential for appreciation, but there will also be new exciting opportunities for coins within the Bitcoin ecosystem. While the trading volume in the Bitcoin NFT market has surged, its current scale remains relatively small, indicating the anticipated potential for growth in the future. Simultaneously, the Lightning Network is expected to serve as the primary technological support for the broader adoption of Bitcoin payments in the short to medium term.
Combining the above analyses, Ryan Lee, Chief Analyst at Bitget Research makes some major predictions of future trends in the Bitcoin ecosystem. He predicts “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 significant potential for growth, with new opportunities arising for 100x coins and NFTs within these ecosystems. And in the short term, the Bitcoin ecosystem will retain the ‘one project, one protocol solution’ status, fostering a variety of Bitcoin protocols. In the long run, a BTC virtual machine will emerge within the ecosystem, unifying developer compile environments. On the other hand, the Lightning Network will be the largest technical foundation supporting the continued adoption of BTC payments, with more assets to be issued on it.” He continues.
Key Takeaways:
- ORDI: Currently, ORDI’s market cap stands around $400 million, suggesting a high potential when compared to the $4.9 billion market cap of SHIB, one of the leading ETH memecoins. However, the introduction of the Ordinals protocol, while offering new functionalities to the BTC network, also brings challenges. Ordinals function by embedding data into individual Bitcoin transactions, occupying considerable block space and increasing the complexity of using the Bitcoin network as Ordinals map BRC-20 and Ordinals NFT to specific Satoshis. These hurdles require collective attention from the community and developers.
- Improved Miner Revenue: The launch of the Ordinals protocol has significantly boosted Bitcoin miners’ earnings over the past three months, with the proportion of earnings from on-chain fees rising gradually from 1.7% in August to a peak of 19.57% on November 10. These improvements to miners’ earnings will, in turn, lead to further support for the BRC-20 asset class and the Bitcoin ecosystem from the heavily capitalized miner community.
- The Lightning Network: The Lightning Network is poised to be the primary technological support for the broader 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 more complex than conducting simple Bitcoin transactions. Therefore, users need to understand how to open, manage, and close channels, raising the entry barrier for the wider adoption of Bitcoin payments.
- Potential Bottlenecks: The question of whether the Bitcoin ecosystem can sustain its current growth trajectory is challenging to predict, but data hints at potential shifts. As a global cryptocurrency, Bitcoin strengthens its consensus with increased acceptance. Yet, bottlenecks may emerge within the ecosystem for two main reasons. Firstly, Bitcoin’s limited scalability impedes application implementation, causing bottlenecks at this stage and potentially affecting the ecosystem’s overall development pace. Secondly, Bitcoin’s core developers, mostly conservative, hold reservations about various asset protocols within the Bitcoin ecosystem. If prices drop or innovation stalls, this stance could hinder ecosystem development.
Overall, considering the future macro environment and market conditions, the Bitcoin ecosystem shows promising development prospects. Assets like BTC, ORDI, and Bitcoin NFTs have potential for growth, with new opportunities arising for various coins within the Bitcoin ecosystem. The Lightning Network is poised to act as the primary technical backbone facilitating 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 steadfast in its commitment 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 is strategically focused on expanding its support for the Bitcoin ecosystem. Apart from offering basic functionalities like providing support for BTC asset management, swaps, and on-ramping, Bitget Wallet 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. In the future, Bitget Wallet will place its focus on medium to long-term market prospects of the Bitcoin ecosystem, and work to enhance both its technological infrastructure and product features. This also includes increased investments in key areas such as Lightning Network, Nostr and Taproot Assets, BRC-20, and ARC-20 inscriptions.
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.
For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord
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
media@bitget.com
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TL;DR
- Scammers are exploiting excitement around Shiba Inu’s TREAT token launch, scheduled for January 14, 2025.
- Fraudsters also target the SHIB community with fake giveaways, phishing emails, and forged social media accounts. Users should protect their information and report suspicious activities.
‘Stay Safe, SHIBARMY!’
Wrongdoers often target the vast Shiba Inu (SHIB) community, which consists of millions of investors, proponents, and developers. They use different methods to embezzle unsuspecting victims, often conning them with fake offers about assets part of the meme coin’s ecosystem.
The most recent scheme includes TREAT, a reward token that provides incentives for users engaging with Shiba Inu’s protocols, including the layer-2 scaling solution Shibarium. The team recently announced that its official launch will be on January 14.
While the development sparked huge enthusiasm across the community, Shibarium Trustwatch (an X account that aims to provide security) warned users to remain extra careful until that date.
The team claimed that scammers have used the ongoing excitement as an opportunity to offer fake TREAT services to people, alerting users to stay away from such dubious individuals.
“They are now using SHIB socials linked to their FAKE TREAT. Please don’t be misled by these predatory scammers. They can be called vultures, circling and looking for their next feed. We ask with heaven on our side, please do not fall for these scams.
Be clear: the TREAT launch is scheduled for the 14th of January 2025, not before. If you are unsure about anything at any time, check with us first. Stay safe, SHIBARMY,” the warning reads.
Previous Alerts
Around Christmas, Shibarium Trustwatch warned people to stay vigilant for several common crypto scams that may result in crucial losses. Some examples are fake giveaways, which offer “free” tokens, merchandise, or NFTs, and phishing emails.
The team claimed fraudsters send emails to victims, pretending to be from official SHIB-related projects, thus trying to steal their login credentials.
Other things the community should watch out for include fake social media accounts, Ponzi schemes, forgery charity appeals, and more.
“Providing personal information or falling for these scams doesn’t just put you at risk – it may lead to your data being sold on the dark web, where hackers can use it for identity theft or other malicious activities. Scammers exploit trust, kindness, and generosity, especially during the holiday season, so we must stay vigilant,” the team said at the time.
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Bitcoin maintained its Friday and weekend gains and even jumped to a multi-week peak of almost $100,000 before it was stopped once again and pushed south by nearly a grand.
Most altcoins are quite sluggish on a daily scale as well, with ETH remaining above $3,600 and SOL standing above $210.
BTC Came Close to $100K
The beginning of the previous business week was anything but positive for BTC as the asset slumped to a monthly low of $91,300. Its volatile rollercoaster continued in the following days with several fluctuations worth thousands of dollars.
It pumped to over $96,000 on New Year’s Eve but was quickly pushed south to under $93,000. The bulls finally stepped up for good at that point and pushed it to over $97,000 by January 2. Following another brief retracement by about a grand, BTC shot up to $99,000 on Friday amid the growing ETF inflows.
Although the trading volumes during the weekend declined, BTC maintained its run and remained at relatively the same position. Monday began on a more favorable note, with a surge to a two-week peak of $99,800 (on Bitstamp), where it faced enhanced resistance.
As of now, bitcoin stands at around $99,000 after a minor retracement, with its market cap above $1.960 trillion and its dominance over the alts at 53.4% on CG.
AVAX on the Rise
Most larger-cap alts have failed to produce any big moves in either direction. ETH, BNB, SUI, and LINK have charted minor gains, while XRp, SOL, DOGE, and ADA are with insignificant losses.
Avalanche is the top performer from the larger-cap alts. AVAX has risen by almost 5% and now sits around $44. The other notable gainers include RNDR, FET, and FIL, with increases of around 6-7%.
The total crypto market cap has added around $30 billion overnight and is up to $3.680 trillion on CG.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
TL:DR;
- XRP was hit hard during the market-wide correction in late December but has gained a lot of traction since the start of the new year.
- A popular indicator now flashed green, suggesting a potential buy signal for Ripple’s cross-border token.
The indicator in question is the TD Sequential, which is a popular tool used to determine the market exhaustion in either direction. According to Ali Martinez, a crypto analyst with over 100,000 followers on X, it has now presented a ‘buy signal’ for XRP on the 4-hour chart.
The TD Sequential presents a buy signal on the $XRP 4-hour chart, anticipating a price rebound! pic.twitter.com/QitMbED2DA
— Ali (@ali_charts) January 5, 2025
Previously, the same analyst warned that XRP could drop toward $2, which might be followed by another impressive rally that could propel the asset to as high as $11.
While that eventual price target sounds a bit far-fetched now, the TD Sequential has already showcased several proper buying opportunities in the past few weeks.
During the late December broader market crash, it flashed green for BTC when its price struggled below $95,000. Although the largest cryptocurrency dipped hard a week later, it ultimately bounced off and now sits above $99,000, marking a 4.5% increase since then.
Its success is even more profound for DOGE. It presented a ‘buy signal’ on December 24, when the asset’s price dumped to $0.312. Since then, the OG meme coin has skyrocketed by more than 22% and now sits above $0.38.
It has been more modest when predicting future gains for SHIB. It flashed again on December 24 when the second-largest meme coin traded at $0.000023, but it has forecasted only a minor 3.8% increase since then, with SHIB now standing close to $0.000024.
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