Bitget, a known cryptocurrency exchange specializing in derivatives has published a prediction report that paints a future, for the Bitcoin BTC -2.59% ecosystem. According to the report if the ecosystem continues its expansion there is a possibility that the price of Bitcoin (BTC) could surpass its record highs during the bull market. In fact some experts believe it could even reach a milestone of $100,000. Furthermore ORDI, which is considered the flagship coin within the Bitcoin ecosystem is projected to secure a spot among the 30 cryptocurrencies by market capitalization in the bull market.
The report thoroughly examines both macro and micro trends within the Bitcoin ecosystem. Provides insights for investors. It also outlines technological advancements and financial trends related to Bitcoin and its associated assets for 2024. The report emphasizes that popular cryptocurrencies like BTC and ORDI have potential for growth and appreciation.
Another noteworthy observation made in the report is the surge in trading volume within the Bitcoin NFT (Non Fungible Token) market. Although it remains relatively small at present this surge indicates promising opportunities for expansion. Additionally it is anticipated that the Lightning Network will play a role in facilitating adoption of Bitcoin payments over the short to medium term.
While introducing functionalities to the BTC network there are challenges associated with implementing Ordinals protocol. However it has undeniably led to increases in earnings for miners. Notably there has been a rise in earnings derived from, on chain fees over months.
This improvement is anticipated to result in backing for the BRC 20 asset category and the Bitcoin ecosystem, from the funded miner community.
While these positive forecasts are made the report recognizes obstacles within the Bitcoin ecosystem. The limited scalability of Bitcoin could obstruct application implementation. Impact the pace of ecosystem development.
Moreover the cautious position taken by Bitcoins core developers regarding asset protocols, within the ecosystem could impede progress in cases where prices decline or innovation stagnates.