The high potential of ORDI and the crucial role of the Lightning Network

(PRESS RELEASE – Victoria, Seychelles, December 15, 2023)

Bitget Research, the research arm of bitgetthe world's leading cryptocurrency exchange and Web3 company, has launched abitcoin-ecosystem-the-engine-for-the-next-bull-market” target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”> research analysis delving into the macro and micro trends within the bitcoin ecosystem. This report provides information for investors and outlines possible future technological and financial trends for bitcoin and its assets within the network by 2024.

Given the future macroeconomic environment and market conditions, the bitcoin ecosystem presents a promising outlook. Popular cryptocurrencies like btc and ORDI not only have significant appreciation potential, but there will also be exciting new opportunities for the coins within the bitcoin ecosystem. While trading volume in the bitcoin nft market has increased, its current scale remains relatively small, indicating the anticipated potential for growth in the future. At the same time, the Lightning Network is expected to serve as the primary technological support for broader adoption of bitcoin payments in the short and medium term.

Combining the above analyses, Ryan Lee, Chief Analyst at Bitget Research makes some important predictions about future trends in the bitcoin ecosystem. He predicts: “If the bitcoin ecosystem continues to expand, increased demand for bitcoin may cause the price of btc to surpass its previous highs in the next 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 capitalization in the next bull market. “

“Protocols like bitcoin, Ordinal, Atomical, and Taproot have significant growth potential, and new opportunities are emerging for 100x coins and NFTs within these ecosystems. And in the short term, the bitcoin ecosystem will maintain the status of “one project, one protocol solution”, fostering a variety of bitcoin protocols. In the long term, a btc virtual machine will emerge within the ecosystem, unifying developers' build environments. On the other hand, the lightning network “It will be the largest technical foundation supporting the continued adoption of btc payments, and more assets will be issued on it.” He continues.

Key takeaways:

• ORDI: Currently, ORDI's market capitalization is around $400 million, suggesting high potential compared to the $4.9 billion market capitalization of SHIB, one of the leading eth memecoins. However, the introduction of the Ordinals protocol, while offering new functionality to the btc network, also poses challenges. Ordinals work by incorporating data into individual bitcoin transactions, taking up considerable block space and increasing the complexity of using the bitcoin network, as ordinals assign BRC-20 and ordinal NFTs to specific Satoshis. These obstacles require the collective attention of the community and developers.
• Improved mining income: The launch of the Ordinals protocol has significantly increased bitcoin miners' profits over the past three months, with the proportion of profits coming from on-chain fees gradually increasing from 1.7% in August to a high of 19.57% on November 10. ', in turn, will lead to greater support for the BRC-20 asset class and the bitcoin ecosystem by the heavily capitalized mining 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 and medium term with its 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 performing simple bitcoin transactions. Therefore, users must understand how to open, manage and close channels, raising the barrier to entry for broader adoption of bitcoin payments.
• Possible obstacles: It is difficult to predict whether the bitcoin ecosystem will be able to sustain its current growth trajectory, but the data points to possible changes. As a global cryptocurrency, bitcoin strengthens its consensus with greater acceptance. However, obstacles can arise within the ecosystem for two main reasons. First, bitcoin's limited scalability prevents application deployment, causing bottlenecks at this stage and potentially affecting the overall development pace of the ecosystem. Second, leading bitcoin developers, mostly conservative, have reservations about various asset protocols within the bitcoin ecosystem. If prices drop or innovation stagnates, this stance could hinder ecosystem development.

Overall, considering the future macroeconomic environment and market conditions, the bitcoin ecosystem shows promising development prospects. Assets like btc, ORDI, and bitcoin nft have growth potential, and new opportunities are emerging for various coins within the bitcoin ecosystem. The Lightning Network is poised to act as the main technical backbone facilitating broader adoption of bitcoin payments.

“This in-depth report is an invaluable source, providing historical information on the development of the bitcoin network and unique perspectives on possible future scenarios. “The deep insights from the report will play a critical role in guiding Bitget’s comprehensive plan for product and platform improvement,” he said. Gracy Chen, CEO of Bitget. “Bitget remains steadfast in its commitment to supporting and promoting these trends within the evolving bitcoin ecosystem and 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. In addition to offering core functionalities such as providing support for btc asset management, exchanges, and onramps, Bitget Wallet also offers Taproot support along with asset transfers for BRC-20 tokens and NFTs. Users can track market trends on Bitget Swap and interact with popular projects on the Bitget Wallet DApp Browser. Going forward, Bitget Wallet will focus on the medium and long-term market prospects of the bitcoin ecosystem and will work to improve 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 enrollments.

About Bitget

Established in 2018, bitget is the world leader cryptocurrency exchange which offers Copy Trading services as one of its key features. The exchange, serving over 20 million users in over 100 countries and regions, is committed to helping users trade smarter by providing them with a secure and unique trading solution. Bitget inspires people to embrace cryptocurrencies through collaborations with credible partners, including legendary Argentine footballer Lionel Messi and official esports event organizer PGL.

To safeguard user funds on the platform, Bitget adopts top-notch security and protection measures, including a $300 million Protection Fund, a Fund Custody service, which is committed to being fully reserved based on the Merkle Tree model. Proof of Reserves.

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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.

Contact

Raquel Cheung
[email protected]

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