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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Bitcoin’s stagnation continues as the asset has made little to no attempt to move away from the $108,000 level.
While most larger-cap alts have produced insignificant gains, TON and BONK have emerged as the biggest gainers on a relatively calm Sunday morning.
BTC Calm at $108K
It has been a quiet period for the primary cryptocurrency. In fact, the latest major price moves came about two weeks ago – on June 23 and 24 – when it dumped to $98,000 before it soared past $105,000 a day later as the Middle East war was going rampantly.
Ever since then, though, the asset has been stuck in a tight trading range between $105,000 and $110,000. It tested the lower boundary on Wednesday, where the bulls stepped up and pushed it south toward the upper one.
On Thursday, BTC showed signs of a breakout attempt when it spiked to a multi-week peak of $110,500, but the bears stepped up at this point and didn’t allow a surge to a new all-time high.
The landscape has been somewhat unchanged since then, as bitcoin quickly returned to $108,000 and has not moved from that level for a few days. Its market capitalization stands strong at $2.150 trillion, while its dominance over the alts is at over 63% on CG.
BONK on the Run
As the graph below will demonstrate, most larger-cap alts are slightly in the green on a daily scale. Such minor increases are evident from the likes of ETH, BNB, SOL, TRX, DOGE, ADA, BCH, LINK, and XRP. In contrast, HYPE and PI have lost some traction over the past 24 hours.
The biggest gainers are TON and BONK. The former has risen by over 9% and sits at $3, while the meme coin has exploded by 20% and now trades at $0.000022.
The cumulative market cap of all crypto assets has remained relatively stable at $3.4 trillion on CG.
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Cryptocurrency charts by TradingView.
TL;DR
- Ripple’s price actions are a big prediction topic within the cryptocurrency community, with analysts and believers rushing to offer their insights and forecasts.
- However, we decided to take a different approach this time and asked four of the biggest AI chatbots (ChatGPT, Perplexity, Grok, and Gemini) about their take on the matter.
2025 Price Targets
All four AI solutions seemed very coherent about XRP’s price potential this year, as Perplexity explained it:
“Ripple’s (XRP) price in 2025 is broadly expected to rise significantly from current levels, with expert forecasts varying but generally bullish.”
Although Ripple’s cross-border token has stalled in the past few months and is actually slightly in the red since the start of the year, all AIs had similar conclusions about its price moves until the end of the year.
ChatGPT laid out three potential scenarios, with the conservative one being at $3.4, which would match the asset’s all-time (and yearly) high. The optimistic is set at $5-$6, and the “aggressive forecasts” put the token at $10-$15 by the end of the year.
Google’s Gemini had similar ideas in mind, saying that “a realistic high could be in the $5-$10 range.” Perplexity also joined the $5-$10 club, which could be reached under “favorable conditions” (more on that later).
Grok was slightly more specific and was the only one that said XRP can finish the year lower than its current price tag. It noted that a “realistic price range” for the asset this year is somewhere between $1.8 and $5.81. Although that’s a pretty wide range, it concluded that the most likely peak will come somewhere between $3 and $4.5.
The Favorable Conditions
When it came down to outlining the factors that could impact XRP’s price moves this year, the AIs were once again aligned in their answers. First, they mentioned regulatory clarity and the official conclusion of the lawsuit against the SEC.
Although Ripple CEO Brad Garlinghouse stated in March that the case had been resolved and there had been several developments on the matter, the judge overseeing the case has yet to agree fully.
Second, the AIs brought up institutional adoption and bullish partnerships, such as those with Santander, SBI Holdings, and others. A spot XRP ETF will also play a significant role in the asset’s price trajectory this year, if approved, said the chatbots. According to ETF experts, the current odds stand at nearly 100%.
Lastly, the AI solutions highlighted the overall crypto market trends:
“Bitcoin’s post-halving performance and a pro-crypto U.S. administration under President Trump could fuel bullish sentiment across the crypto market, benefiting XRP,” – answered Grok, which was similar to what the others had to say.
Despite these bullish predictions for 2025, all four chatbots clarified that these are just that – speculative forecasts that might or might not come to fruition. Investors should do their own research before allocating funds to any cryptocurrency (or other asset, for that matter).
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If pseudonymous analyst Weslad is to be believed, Ethereum (ETH) is caught in a tug-of-war between wildly differing futures: a historic surge past $6,000 or a soul-sapping plunge to $1,800.
The market technician claims that ETH is completing a massive ABCDE wave structure within a years-long “symmetrical pennant,” which can only mean one thing: explosion.
The Roaring Bull Case
In a recent breakdown, Weslad explained that Ethereum’s price action since its $4,851 all-time high has formed a giant consolidation pattern. According to him, this structure is now approaching a critical inflection point known as wave D, testing its upper boundary.
At the same time, a bullish Inverse Head and Shoulders (IH&S) pattern is emerging on the daily chart, with its neckline acting as stubborn resistance near $2,855.
This technical confluence suggests a coiled spring ready to unleash tremendous energy into the market, leading the analyst to state unequivocally:
“A confirmed breakout above the neckline [$2,855] would likely validate both the IH&S and the breakout from wave D, setting the stage for a potential expansion move toward the $6,000 target and beyond.”
Weslad’s audacious target found an ally in fellow strategist Jeremy Fielder, who declared in a video posted on X:
“We’re looking at $6,500 Ethereum by the end of the year and then a possible 10,000 Ethereum in early next year… Regulation is now pro-crypto. That’s all you need to know.”
He based his argument on the accelerating adoption of Web3 and a favorable regulatory shift, dismissing granular metrics in favor of a sweeping bullish tide.
While not as lofty a milestone as Weslad’s and Fielder’s, market watcher Titan of Crypto’s $4,100 target is not far off the ballpark. His thesis is hinged on Ethereum’s successful recovery back inside its crucial weekly trading range, noting that momentum is building towards the range high.
Looming Bear Trap
But don’t celebrate just yet. Weslad’s otherwise bullish analysis also comes with a stark warning for the downside scenario. He suggested that if ETH faces rejection at the critical $2,855 neckline resistance or the upper boundary of the pennant, a retracement into wave E becomes highly probable.
According to him, this trajectory would drag the price down towards a “high-confluence demand zone” spanning $1,400 to $1,800. That’s a potential 40% collapse from current levels.
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