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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While the crypto market recovered last week, the Tron ecosystem quietly recorded a significant milestone for the year.
As reported by Burakkesmeci, an analyst for the market intelligence platform CryptoQuant, all cohorts of investors holding TRX, the native asset of the Tron network, have seen their positions turn green.
TRX Holders Enter Profit Zone
Burakkesmeci disclosed that TRX investor sentiment turned bullish as the coin recorded 115% gains in a year. The journey to this milestone kicked off on May 5 when TRX rallied to $0.25, bringing all investor cohorts, from long- to short-term participants, into the green territory.
Investors who held TRX for one week, one month, three months (short-term), six months, and one year (medium/long-term) all became profitable. According to the analyst, this development is significant for market sentiment and network dynamics because it shows the level of user confidence in Tron’s future potential.
As of May 15, TRX investors holding the asset for one week were in 10% profit, while those holding for a month were 6% in the green. Three-month-old holders were in 11% profit, while six-month and one-year-old investors had recorded gains of 52% and 115%, respectively. Burakkesmeci insisted that short-term holders being in profit drives strong positive sentiment in the market.
“These investors are more likely to share their success stories, which can encourage new participants to invest in Tron, potentially creating a feedback loop of increasing demand and momentum,” he stated.
At the time of writing on May 16, TRX was worth $0.272 following a significant, but volatile price move over the last seven days.
Tron Attains Higher Reliability and Security
Besides Tron’s latest win in profitability, the network has become more reliable and secure, with block production consistently averaging 99.7% of the expected 28,800 blocks daily. Tron has come a long way from 2020 to 2021, when it witnessed more network volatility and disruptions in block output.
A recent report by CryptoQuant said Tron is now recording a steady upward trend in production efficiency.
“The absence of large swings in block production indicates a maturing network with robust governance and operational performance, reinforcing TRON’s credibility as a high-throughput blockchain platform,” CryptoQuant added.
Meanwhile, Tether (USDT) supply on Tron recently surpassed Ethereum for the first time in crypto history.
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Bitcoin’s price slipped below $103,000 earlier today, but the bulls managed to defend that level, and the asset is back well above it now.
However, several altcoins have marked massive losses over the past day, led by another double-digit price plunge from PI.
BTC Stays Calm
Bitcoin started the business week on the right foot as its price shot up from under $104,000 to a multi-month peak of just shy of $106,000. This came as a direct consequence of the trade deal struck by the US and China.
However, the asset couldn’t maintain its run and dropped by roughly five grand in the following hours to a weekly low of under $101,000. Nevertheless, the bulls didn’t allow a breakdown beneath $100,000, and the cryptocurrency began its recovery that pushed it to $105,000 by Thursday.
Another rejection followed, and more volatility ensued on Friday, but overall, bitcoin has been able to remain in a relatively tight range between $102,500 and $104,000. The past 24 hours brought some more minor fluctuations around these levels, and BTC now stands close to the upper boundary.
Its market cap has remained above $2.050 trillion on CG while its dominance over the alts has risen by over 0.5% daily to 60.4%.
PI Keeps Dumping
Most larger-cap alts have turned red in the past 24 hours. ETH has slipped below $2,500 after a 3% daily decline. A similar nosedive is evident from DOGE, while SHIB and LINK have dropped by over 4%.
However, PI leads the pack in terms of the biggest daily losses. Pi Network’s native token has plummeted by 20% and sits below $0.7.
Other larger-cap alts in the red today include PEPE, UNI, ONDO, AAVE, NEAR, APT, and more.
The total crypto market cap has seen over $70 billion disappear in a day and is down to $3.4 trillion on CG.
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The FTX Recovery Trust has announced it will begin disbursing more than $5 billion to creditors from May 30.
This payment round marks the second distribution to eligible parties as the firm continues its efforts to reimburse those affected by its collapse.
Repayment Efforts
In a May 15 release, the company’s bankruptcy estate categorized creditors into five “convenience classes” with specified payout rates. Members of creditors Class 5A will receive a 72% distribution, while Class 5B will be paid 54%.
Classes 6A and 6B, comprised of small lenders and Alameda Research trading partners, are each set for 61% distributions. Finally, Class 7 Convenience Claims will receive 120%.
John J. Ray III described the upcoming payments as a major development, stating:
“These first non-convenience class distributions are an important milestone for FTX. The scope and magnitude of the FTX creditor base makes this an unprecedented distribution process.”
He added that the announcement demonstrated the strong results of the team’s recovery and coordination efforts and emphasized that their focus remained on maximizing returns for creditors and addressing unresolved claims.
Eligible creditors are expected to receive their funds through their selected distribution service provider, either Bitgo or Kraken, within one to three business days after May 30. However, customers who onboard with a Distribution Service Provider will forfeit the right to receive cash directly from the bankrupt exchange, with all funds sent through their chosen provider instead.
The FTX Recovery Trust also said that the repayment schedule for upcoming creditor classes will be announced in due course. If all claims are filed, total repayments could reach up to $16.5 billion.
Separately, the FTX bankruptcy estate initiated legal proceedings in April against NFT Stars Limited and Delysium. The lawsuits aim to recover digital assets allegedly withheld from the estate and are part of the company’s efforts to reclaim funds and maximize recoveries following its November 2022 collapse.
Criticism Over Valuation Method
FTX currently has about $11.4 billion allocated for creditor repayments. The first round of reimbursements began on February 18, 2025, directed at creditors with “convenience claims” under $50,000. Approximately $1.2 billion was paid out in that phase.
The second distribution phase will now target those with requests exceeding that amount. These include major investors and institutions that held millions in crypto on the platform.
Despite progress, the repayment model has faced criticism for calculating reimbursements based on crypto values at the time of the bankruptcy filing. This has led to some creditors receiving less than the current market value of their holdings.
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