The Bitcoin ecosystem was once considered one of the most promising ecosystems in this bull market, and the total market value of the ecosystem is expected to reach the level of 100 billion US dollars. However, after the inscription craze ended from the end of 2023 to the beginning of 2024, the Bitcoin ecosystem slowly entered a bear market, and the number of incremental users and funds dropped sharply.
Although Rune, 5-character BRC-20 token pizza, Fractal ecosystem, and CAT-20 have since extended the life of the Bitcoin ecosystem and brought a certain amount of attention, the scale is still not as high as the initial network-wide inscription craze.
On the one hand, the price of Bitcoin continues to rise and set new highs, and $100,000 seems to be within reach; on the other hand, the Solana ecosystem and other ecosystems (such as Base, Sui, etc.) are gradually prospering.
When will the bull market wind blow to the Bitcoin ecosystem?
Previously, the Bitcoin ecosystem was still in its early stages of exploration, and developers were actively conducting various experiments on the Bitcoin network, giving birth to various asset protocols. Actively exploring the possibilities of the Bitcoin ecosystem is a good thing in itself, but it also has "side effects", that is, existing asset protocols will also operate independently, dispersing the consensus and funds of the Bitcoin ecosystem community, which is not conducive to forming a joint force.
But this situation is beginning to change. Runes are becoming the biggest consensus of asset issuance protocols in the Bitcoin ecosystem, even surpassing the "big brother" BRC-20. According to the data, since the official release of the Rune protocol in April this year, Rune transactions have long occupied more than 50% of the share on the Bitcoin chain, followed by regular Bitcoin transfer transactions or transactions of other asset protocols (some asset protocol transactions are not recognized), while the transaction share of BRC-20 and Ordinals has shrunk to less than 10%.
Compared with other asset protocols, Rune also has the best community activity and popularity money-making effect in the current Bitcoin ecosystem.
As the ecosystem heat fades and asset prices fall, many Bitcoin ecosystem communities have gradually "declined." However, in Rune, communities such as DOG・GO・TO・THE・MOON, PUPS・WORLD・PEACE, BILLION・DOLLAR・CAT, RSIC・GENESIS・RUNE, etc. are still active, and other high-quality communities are constantly emerging, such as MEMENTO・MORI and GIZMO・IMAGINARY・KITTEN.
Although there are PVP and "gas arbitrage", Rune is still an asset protocol that continues to generate hot spots in the current Bitcoin ecosystem and has some hot money-making effects. AI Meme is popular in the Solana ecosystem, and FOMO sentiment will naturally drive the popularity of AI Meme in other ecosystems. Among the many asset protocols in the Bitcoin ecosystem, only Rune has taken on this popularity and brought about a wealth effect. The current leader of the Rune AI track, CYPHER・GENESIS, has a market value of more than 30 million US dollars. (Recommended reading: Odaily editorial department Meme operation full record on November 15 and November 18)
Last night, the new rune MILO・THE・MILLIONAIRE・GATOR was etched. The author personally tested that the cost of minting a set (25 sheets) was about 60USDT. Because the project deployer has a certain relationship with the largest IP puppet in the Bitcoin ecosystem, the market price of a set on Magic Eden has risen to around 118USDT today.
Although the current total market value of Runecoin is 1.91 billion US dollars, it is still less than the total market value of BRC-20, which is over 3 billion US dollars. However, as the Bitcoin ecosystem gradually recovers, the total market value of Runecoin is also rising. It is only a matter of time before it surpasses BRC-20.
Source: Geniidata
Recently, OKX announced the launch of DOG・GO・TO・THE・MOON, which also represents the recognition of Rune by top exchanges. If we have to guess which Bitcoin ecosystem asset will be the first to be listed on Binance in this round, the top assets in Rune are most likely to be the most likely.
Of course, there are other very high-quality asset protocols and ecosystems in this round of Bitcoin ecology, such as the Bitcoin pledge and re-pledge narrative led by Lightning Network, Fractal, CAT20 and Babylon. However, at the current stage, the ecology should focus on pushing the Bitcoin ecology to the center of the stage again. Only in this way can other high-quality assets and narratives attract more attention.
Waiting for the wind
Once you decide to buy, leave the rest to time.
The first bull run of the Bitcoin ecosystem occurred in June and July 2023. The new asset issuance method represented by Ordinals and BRC-20 attracted people's attention;
The second Bitcoin ecosystem occurred half a year later. From November 2023 to February 2024, some BRC-20s were listed on top exchanges and the inscription gameplay was replicated on all chains, giving rise to many stories of getting rich overnight, similar to today’s Meme.
The third bull run in the Bitcoin ecosystem occurred in April 2024 when the Rune Protocol was officially launched and lasted for about a month.
According to past experience, the Bitcoin ecosystem bull-bear cycle is 3 to 6 months. It has been half a year since the last bull market. Although there have been some ecological hot projects that have attracted short-term attention, they have never formed a large-scale effect. At the end of June this year, Odaily Planet Daily wrote an article analyzing that the Bitcoin ecosystem bull market may be coming soon. In the blink of an eye, several months have passed, and we still believe that the wind will come.
