Benzinga - The Bitcoin (CRYPTO: BTC) ecosystem is predicted to witness unprecedented opportunities and growth in 2024, according to a report that dissects macro and micro trends and forecasts a bright future for the largest cryptocurrency and related assets.
Foremost among the predictions made by the analysis, titled Bitget's 2024 Bitcoin Report, is the surge in value for popular cryptocurrencies such as Bitcoin and ORDI (CRYPTO: ORDI), with new avenues opening up for 100x coins.
Despite the current small scale of the Bitcoin NFT market, its trading volume has seen a significant increase, indicating a potential for over 100x growth.
The report underscores the crucial role of the Lightning Network as the main technological support for Bitcoin payments' broader adoption. Bitget's research lays out six major predictions, including the rise of Bitcoin price to potentially $100,000 and ORDI ranking in the top 30 by market cap.
ORDI, a popular memecoin on the Bitcoin network, is positioned for exponential growth, with its market cap potentially increasing by 1,200%. However, the Ordinals protocol, which embeds data into Bitcoin transactions, presents challenges due to increased block space occupation and complexity.
The report also highlights a significant boost in Bitcoin miners' earnings due to the Ordinals protocol. The earnings from on-chain fees have seen a notable rise, bolstering support for the BRC-20 asset class and the overall Bitcoin ecosystem.
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While acknowledging the potential of the Lightning Network for near-instant transaction processing, the report notes the complexities involved in channel management, which could hinder wider Bitcoin payment adoption.
The analysis also points to potential bottlenecks in the ecosystem's growth, citing Bitcoin's limited scalability and the conservative stance of its core developers as possible impediments.
Speaking with Benzinga over the findings, Bitget's Managing Director Gracy Chen said smart money is waiting to flow into digital assets with the approval of spot Bitcoin ETFs by the SEC.
"It isn't a question about if but about when. In my estimation, spot Bitcoin ETFs are likely to be approved in January next year. It could be delayed by a month or two tops but certainly by then," she said.
Chen further said that in the next bull market, she foresees Bitcoin reaching $120,000 to $140,000, and that will pump money into altcoins as well.
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