Evolution of the Bitcoin Ecosystem: Bitget's Projections for 2024

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

The Foundation of Bitget’s Crypto Projections

Bitget Research, a division of Bitget, one of the leading exchanges in the crypto ecosystem, has unveiled its projections on the Bitcoin ecosystem in 2024. The first thing to say about this study is that it is an analysis that examines both macro and micro trends within the Bitcoin ecosystem. It notably provides information to investors by predicting 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 current market conditions, the bitcoin ecosystem presents very promising prospects. These prospects go beyond a certain potential for an increase in BTC valuation. They particularly imply new opportunities expected during the coming year.

One such opportunity is specifically regarding the Bitcoin NFT market. Bitget notes that despite the recent increase in trading volume in this sector, its current size remains relatively modest. The exchange interprets the situation as suggesting a latent potential for growth 100 times above current trends. Concurrently, Bitget believes that the Lightning Network is poised to play a central role as the backbone of the Bitcoin network’s technological infrastructure. This, in their view, would facilitate wider adoption of bitcoin payments in the short to medium term.

Bitget’s Crypto Projections Per Se

Synthesizing the previously mentioned analyses, Bitget formulates six key predictions on the future trends of the Bitcoin ecosystem. The first pertains to the growth potential of the flagship crypto’s price, as expected. Bitget estimates that if the Bitcoin ecosystem continues to expand, the escalation in demand could catapult its price beyond previous peaks. In this context, the asset could reach an unprecedented valuation of 100,000 dollars during the upcoming bull market.

The second Bitcoin projection regarding the Bitcoin ecosystem (BTC) relates to ORDI. Bitget thinks that ORDI, as a flagship piece of the Bitcoin ecosystem, should position itself among the top 30 market capitalizations during the next bull market. With a market capitalization of around 400 million dollars, ORDI presents a remarkable growth potential of 1200% compared to SHIB. This asset being the first memecoin of ETH with a market capitalization of 4.9 billion dollars. Similarly, in its third prediction, Bitget anticipates the growth of the Bitcoin NFT market. This should foreseeably experience exponential growth, exceeding its current valuation by 100 times. Concurrently, exceptionally interesting opportunities are expected to emerge on protocols such as Ordinals, Atomicals, or Taproot Assets (fourth projection).

In the short term, the Bitcoin ecosystem will retain its status as a “project, protocol solution,” which will favor a proliferation of Bitcoin protocols. In the long term, a BTC virtual machine should materialize within the ecosystem. This, with the advantage of unifying developers’ compilation environments (Fifth prediction).

The sixth and final Bitget projection about the Bitcoin ecosystem (BTC) specifically concerns the Lightning Network. There is much to be said about this. For Bitget, the Lightning Network is positioned to be the predominant technical foundation supporting the ongoing adoption of BTC payments. This by supporting an expansion of assets issued on the network.

Despite this fact, the complexity of its implementation and maintenance, compared to simple Bitcoin transactions, raises the entry barrier for a broader adoption of Bitcoin payments. Notably because it requires users to master the opening, managing, and closing of channels. This leads us to address the challenges that Bitget identifies as needing to be overcome to somehow enhance the relevance of the Bitcoin network. And with it, one imagines, the chances of its projections coming to fruition.

Uncertainty Regarding the Sustainability of Bitcoin’s Growth Trajectory

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

Moreover, the conservative stance of Bitcoin core developers towards asset protocols within the ecosystem could hamper growth. Particularly if prices fall or if innovation stalls.

Conclusion

All in all, the Bitcoin ecosystem presents promising development prospects amid evolving market conditions. Assets like BTC, ORDI, and Bitcoin NFTs present substantial growth potential. The Lightning Network is emerging as the main technical support, facilitating the wider adoption of bitcoin payments. Gracy Chen, the Managing Director of Bitget, emphasizes the importance of this comprehensive report. According to him, it provides a glimpse into Bitcoin’s development and unique insights on potential future scenarios. Furthermore, Bitget commits to supporting and advancing the trends in the evolving Bitcoin ecosystem and the Web 3.0 industry. This is based on the in-depth knowledge of this invaluable report.