- Bitget’s 2024 Report reveals key Bitcoin ecosystem trends.
- ORDI could see a significant 1200% growth.
- Lightning Network will become vital for Bitcoin payments.
In 2023, Bitcoin increased its dominance in crypto and continues cementing its position as the biggest digital currency. Recently, the Bitcoin Network has seen the emergence of Ordinals, creating a thriving ecosystem. But what is ahead for Bitcoin in 2024?
Bitget Research has recently unveiled a comprehensive report on the Bitcoin ecosystem, mapping out the landscape for 2024. They focused on the growth of ORDI and the increasingly important role of the Lightning Network.
Bitcoin Memecoin ORDI Could Surge Further 1200%
In its detailed analysis dated December 15, 2023, Bitget Research presents a fascinating view of Bitcoin’s ecosystem for the coming year. The report focuses on ORDI, a memecoin within the Bitcoin network.
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According to Bitget’s predictions, ORDI’s market capitalization could increase by an astounding 1200%. This growth trajectory positions ORDI to challenge the market cap of leading Ethereum-based memecoins like SHIB, which are currently valued at $5.9 billion.
ORDI is a memecoin that utilizes the Bitcoin Ordinals protocol. This protocol allows for embedding unique pieces of data directly into Bitcoin transactions, enabling the creation of distinct, individualized digital assets on the Bitcoin blockchain.
Lightning Network’s Vital Role in Bitcoin
The report also highlights the crucial role of the Lightning Network in the broader adoption of Bitcoin payments. With its almost instantaneous transaction processing capacity and micropayment options, the Lightning Network helps mitigate network congestion.
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The recent adoption of Bitcoin Ordinals has exacerbated this congestion. This technology has placed a heavier load on the network by embedding data into individual transactions. This, in turn, leads to higher gas fees on the Bitcoin network.
On the Flipside
- Not everyone agrees with the growth of the Bitcoin Ordinals ecosystem. Several Bitcoin core developers have voiced concerns over rising gas fees and even advocated for a ban on Ordinals.
- Despite high hopes, Lightning Network has struggled with adoption. The network’s complexity creates a significant barrier to entry for users.
Why This Matters
Bitget’s report highlights crucial developments for understanding Bitcoin’s evolving role in digital finance. ORDI’s potential growth signals a shift towards diverse digital assets within the Bitcoin ecosystem. Simultaneously, the Lightning Network points to a solution to the scalability issue plaguing many major cryptos.
Read more about Lightning Network’s role in scaling Bitcoin
Bitcoin Network Usage Drops, But That May Not Be a Bad Thing
Read more about the regulatory Turf War among US agencies:
CFTC Chair Sheds Light on ‘Turf War” With SEC Over Crypto
