Recently, Bitget shared an interesting report regarding the analysis of Bitcoin‘s performance in 2024.
In particular, the potential growth of 1200% for ORDI and the importance of the lightning network emerge as key points.
Let’s see below all the details.
Bitget report 2024: the crucial role of the lightning network in shaping the future of Bitcoin
As anticipated, Bitget Research, the research department of Bitget, a cryptocurrency exchange company and global leader in the Web3 industry, has released a detailed analysis of the macro and micro dynamics within the Bitcoin ecosystem.
The report provides valuable insights for investors, outlining potential technological and financial developments of Bitcoin and related assets within the network, projecting scenarios for 2024.
Considering the future macroeconomic context and market conditions, promising prospects emerge for the Bitcoin ecosystem.
Not only well-known cryptocurrencies like BTC and ORDI show a remarkable potential for appreciation, but new opportunities are also emerging for coins with a growth potential of 100x within the Bitcoin ecosystem.
Although the trading volume in the market of Bitcoin NFTs is experiencing an increase, its current scale remains relatively limited, suggesting a potential future growth of over 100 times.
At the same time, it is expected that the Lightning Network will play a key role as the main technological support for a wider adoption of Bitcoin payments in the short and medium term.
Also note that currently the token BGB has reached a new all-time high, as highlighted by a post on X (formerly Twitter).
Bitget’s forecasts for the Bitcoin ecosystem
By combining the aforementioned analyses, Bitget Research has formulated six different main predictions on the future trends of the Bitcoin ecosystem.
First of all, Bitget argues that if the continuous development of the Bitcoin ecosystem persists, the growing demand for Bitcoin could push the price of BTC to exceed historical highs in the next bullish cycle, potentially reaching $100,000.
Then, ORDI, as the main currency within the Bitcoin ecosystem, plans to position itself among the top 30 by market capitalization in the next market uptrend period.
Furthermore, it is noted that the size of the Bitcoin NFT market is expected to grow over 100 times over time.
Not only that, there is also talk of growth opportunities of 100x that are expected on protocols like Ordinals, Atomicals or Taproot Assets.
In the short term, however, the Bitcoin ecosystem will maintain its nature as a “project and protocol solution”, favoring the diversification of Bitcoin protocols.
In the long term, a unified development environment will emerge within the ecosystem, giving life to a BTC virtual machine.
Finally, the Lightning Network will represent the main technical infrastructure to support the growing adoption of BTC payments, with an expected increase in assets issued on this network.
Bitcoin Ecosystem: Growth Prospects and Emerging Challenges
As anticipated, the ORDI coin emerges as one of the most popular memecoins on the BTC network, suggesting a potential growth of 1200%, surpassing the main memecoin ETH.
However, the introduction of the Ordinals protocol presents challenges related to block space occupation and complexity in using the Bitcoin network.
The Ordinals protocol has significantly increased the revenues of Bitcoin miners, with a profit percentage from on-chain fees that has gone from 1.7% in August to a peak of 19.57% on November 10th, supporting the BRC-20 asset class and the Bitcoin ecosystem.
The Bitcoin ecosystem, however, may face challenges related to limited scalability, hindering the implementation of applications and affecting overall development.
Conservative developers may express reservations about various asset protocols, potentially slowing down development in the event of price declines or innovation stagnation.
Considering the macro context and future market conditions, BTC, ORDI, and Bitcoin NFT present significant growth potential. The Lightning Network is emerging as the primary technical backbone to facilitate wider adoption of Bitcoin payments.
Gracy Chen, managing director of Bitget, stated the following:
“The report provides historical insights and perspectives on potential future scenarios, guiding Bitget’s global plan to improve products and platforms. Bitget Wallet is committed to supporting the development of the Bitcoin ecosystem, offering advanced features such as support for Taproot, BTC asset management, and the transfer of BRC-20 and NFT tokens.”
Source: https://en.cryptonomist.ch/2023/12/18/the-bitget-report-for-bitcoin-in-2024-potential-growth-of-1200-for-ordi-and-the-centrality-of-the-lightning-network/