Bitget analysts are optimistic about the future of the Bitcoin ecosystem, highlighting not only the potential for growth in popular cryptocurrencies like BTC and ORDI but also the opportunities presented by the creation of different tokens on the Bitcoin network. Specifically, they mention protocols such as Ordinals, Atomicals, and Taproot Assets. Currently, the market for non-fungible tokens (NFTs) built on top of Bitcoin is relatively small, but the analysts suggest that it could grow by more than 100 times in the future.
The forecast from Bitget states that ORDI, as the leading token in the Bitcoin ecosystem, has the potential to enter the top 30 by market capitalization during the next bullish trend. Furthermore, if the Bitcoin ecosystem continues to expand, the demand for the first cryptocurrency could skyrocket, potentially pushing it past its previous record levels and reaching $100,000, according to the analysts’ predictions.
On the other hand, the implementation of the Ordinals protocol, which brings new functionality to the Bitcoin network, comes with certain challenges. The embedding of data into individual Bitcoin transactions through Ordinals takes up significant block space and adds complexity to using the Bitcoin network. Developers need to address this issue by carefully mapping BRC-20 and Ordinals NFTs to specific satoshis, say the Bitget analysts.
Bitget also notes that the launch of the Ordinals protocol in January has significantly increased miners’ income over the past three months, with their share of income rising from 1.7% in August to 19.57% as of November 10. This increase in income is expected to motivate miners to continue supporting BRC-20 standard tokens.
Highlighting the Lightning Network, the researchers believe that it will play a crucial role in facilitating widespread Bitcoin payments. The Lightning Network enables instant transaction processing and micro-payments. However, there is a drawback to using it, as creating and maintaining channels in the Lightning Network is more complex compared to conducting simple Bitcoin transactions. It is important for users to understand the process of opening and closing channels, emphasize the Bitget analysts.
To wrap up, the analysts at Bitget identified limited scalability and the conservatism of Bitcoin Core developers as the main barriers to the adoption of Bitcoin-based applications. However, Samson Mow, the CEO of JAN3, disagrees with Bitget’s opinion, expressing confidence that the hype around NFT analogues on the Bitcoin network and BRC-20 standard tokens will diminish in the coming months.