If the first cryptocurrency ecosystem continues to expand, increased demand for the asset will lead to Bitcoin possibly reaching $100,000 ATH This is stated in a Bitget Research report obtained by ForkLog.
“Given future macroeconomic conditions and market conditions, the Bitcoin network represents a promising prospect. Not only do popular cryptocurrencies such as BTC and ORDI have significant potential for price growth, but also new opportunities for creating 100x coins will appear in the ecosystem itself,” experts said.
Despite the sharp increase in trading volume in the Bitcoin NFT , its current scale remains relatively small, analysts noted. This fortune suggests potential for more than “100x growth” in the sector in the future.
As the leading coin in the digital gold ecosystem, Bitget predicts that in the next bull cycle, ORDI will enter the top 30 by market capitalization.
At the time of writing, the meme token indicator is more than $1.27 billion , while the daily trading volume also exceeded $1.2 billion. The asset quotes are at $61, an increase of about 180% over the month.
Ordinals protocols also face possible expansion and growth, the analysts added.
Dune dashboard , in recent months the number of daily “inscriptions” created on average exceeds 100,000.
To date, almost 48 million Bitcoin NFTs have been issued in total, for which about $157 million was spent in commissions.
“In the short term, blockchain will continue to be one project, one protocol solution, promoting diversity among projects. It’s likely that a Bitcoin virtual machine will appear in the ecosystem,” Bitget concluded.
In addition, the launch of Ordinals has significantly improved the situation of miners over the past three months, experts added. The protocol's share of revenue rose from 1.7% in August to a peak of 19.57% in November.
“However, Ordinals, while offering new functionality to the network, brings with it challenges. The platform operates by embedding data into individual transactions, taking up significant block space and increasing the complexity of using the blockchain,” the report states.
Bitget also believes that the Lightning Network can become a “major technological support” for widespread adoption of Bitcoin payments, thanks to near-instant transfer processing and the ability to make microtransactions.
However, creating and maintaining channels on the Lightning Network is more complex than transacting on the main network, raising the initial barrier to entry for users.
In the end, the experts identified two problems with the ecosystem of the first cryptocurrency itself, which could slow down its development. First, limited network scalability hinders application adoption, creating bottlenecks and potentially impacting overall growth rates.
Secondly, Bitcoin Core developers are generally conservative and skeptical about non-standard protocols.
Earlier, one of the Bitcoin pioneers, Luke Dash Jr., criticized Ordinals for clogging the network and called for censorship of BRC-20 format transactions.
Let us recall that in December, the US National Vulnerability Database flagged the “inscriptions” created in the protocol as a cybersecurity threat to the blockchain of the first cryptocurrency.
