Evolution of the Bitcoin ecosystem: Bitget projections for 2024

As 2023 draws to a close, it’s time for big projections about the trends that will dominate the crypto ecosystem in 2024. We have already presented you with VanEck’s forecasts regarding developments in this market next year. Still in the spirit of providing you with an overview of the expected movements in this industry, we have also presented Bitwise’s crypto forecasts for this period. In the following lines, we will present the crypto speculations of the Bitget exchange for 2024. These are particular in that they do not deal with the crypto industry as a whole. They focus solely on the ecosystem around the flagship crypto: bitcoin (BTC).

The Basis of Bitget’s Crypto Projections

Bitget Research, a division of Bitget, one of the leading exchanges in the crypto ecosystem, has revealed its projections for the Bitcoin ecosystem in 2024. The first words to say about this study are that it is an analysis that examines macro and micro trends within the Bitcoin ecosystem. The latter notably provides information to investors by forecasting potential technological and financial developments for Bitcoin and its network assets in 2024.

Fundamentally, Bitget believes that in light of the upcoming macroeconomic landscape and prevailing market conditions, The bitcoin ecosystem presents very promising prospects. These prospects go beyond a certain potential for an increase in the valuation of BTC. Above all, they involve new opportunities expected in the coming year.

One of these opportunities concerns the Bitcoin NFT market. Bitget notes that despite the sector’s recent increase in trading volume, its current size remains relatively modest. The exchange interprets the situation as suggesting latent potential for growth 100 times higher than current trends. At the same time, Bitget believes that the Lightning Network is set to play a central role as the backbone of the Bitcoin network’s technological infrastructure. Which, in his opinion, would facilitate wider adoption of bitcoin payments in the short and medium term.

Bitget’s crypto projections themselves

By synthesizing the previously discussed analyses, Bitget makes six key predictions about future trends in the Bitcoin ecosystem. The first concerns, as might be expected, the price growth potential of the flagship crypto. Bitget believes that if the Bitcoin ecosystem continues to expand, escalating demand could propel its price beyond previous highs. In this perspective, the asset could reach the unprecedented valuation of $100,000 during the coming bull market.

Bitcoin’s second projection regarding the Bitcoin (BTC) ecosystem relates to ORDI. Bitget believes that ORDI, as the flagship coin of the Bitcoin ecosystem, is expected to position itself among the top 30 market caps during the next bull market. With a market capitalization of approximately $400 million, ORDI has a remarkable growth potential of 1200% compared to SHIB. This asset being the first ETH memecoin with a market capitalization of $4.9 billion. Likewise, as part of its third forecast, Bitget anticipates growth in the Bitcoin NFT market. This should in the foreseeable future experience exponential growth, exceeding its current valuation by 100 times. At the same time, exceptionally interesting opportunities should emerge on protocols such as Ordinals, Atomicals or Taproot Assets (fourth projection)

In the short term, the Bitcoin ecosystem will maintain its status “project, protocol solution”, which will encourage a multiplication of Bitcoin protocols. Long-term, a BTC virtual machine should materialize within the ecosystem. This, with the advantage of unifying developers’ compilation environments (Fifth projection).

Bitget’s sixth and final projection about the Bitcoin (BTC) ecosystem concerns the Lightning Network in particular. There is a lot to be said about this. For Bitget, the Lightning Network is positioned to be the predominant technical foundation supporting the continued adoption of BTC payments. This is supported by an expansion of assets issued on the network.

Despite this, the complexity of setting up and maintaining it, compared to simple Bitcoin transactions, raises the barrier of entry for wider adoption of Bitcoin payments. Particularly because it requires users to master the opening, management and closing of channels. This leads us to address the challenges that Bitget faces as needing to be addressed to somehow increase the relevance of the Bitcoin network. And with it, we imagine the chances of realizing our projections.

Uncertainty about the sustainability of bitcoin’s growth trajectory

The sustainability of bitcoin’s growth trajectory is uncertain and potential bottlenecks loom on the horizon. Despite Bitcoin’s consensus-building global acceptance, scalability limitations hinder application implementation.

Additionally, the conservative stance of Bitcoin core developers towards asset protocols within the ecosystem could hinder growth. In particular, if prices fall or if innovation runs out of steam.

Conclusion

All in all, the Bitcoin ecosystem presents promising development prospects in changing market conditions. Assets like BTC, ORDI, and Bitcoin NFTs show substantial growth potential. The Lightning Network positions itself as the primary technical support, facilitating the wider adoption of bitcoin payments. Gracy Chen, CEO of Bitget, highlights the importance of this comprehensive report. According to him, it offers insight into the development of Bitcoin and unique perspectives on potential future scenarios. Furthermore, Bitget is committed to supporting and advancing trends in the Bitcoin ecosystem and the Web 3.0 industry. in full evolution This, drawing on the in-depth knowledge of this invaluable report.

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