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 order of hundreds of billions of dollars.
However, since the end of the inscription craze from late 2023 to early 2024, the Bitcoin ecosystem has slowly entered a bear market, and the number of incremental users and funds has dropped sharply. Although Rune (rune), 5-character BRC-20 token pizza, Fractal ecology, and CAT-20 have since extended the life of the Bitcoin ecology and brought a certain amount of attention, the magnitude has never been as high as that of the entire network. Inscription hot.
On the one hand, the price of Bitcoin continues to rise and hit new highs, and $100,000 seems 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 hit the Bitcoin ecosystem? Odaily Planet Daily will sort out some clues that the Bitcoin ecosystem is about to explode again in this article.
Leading exchanges support the development of Bitcoin ecosystem
For the ecosystem, the support of the top centralized exchanges is crucial, which means huge traffic, new funds, and some potential development resources. Recently, users have mainly focused on which Solana memes Binance will launch, but in fact Binance has also been supporting the development of the Bitcoin ecosystem.
In the last round of the Inscription bull market, Binance actively listed the BRC-20 token ORDI, SATS spot trading, and RATS contract trading. Since then, other excellent asset protocols have been born in the Bitcoin ecosystem, such as Rune, Atomic, CAT-20, etc., all of which are expected to be supported by Binance.
Especially yesterday (November 18), Binance Mining Pool announced its support for Fractal Bitcoin (FB) joint mining, and the token FB rose by more than 80% in a short period of time after the announcement. Although Binance reminded in the announcement that "the launch of Fractal Bitcoin (FB) mining service by Binance Mining Pool does not guarantee that the token will be listed on Binance.com", this is also a good thing for the Bitcoin ecosystem and Fractal, which are at a low ebb. This is a positive sign.
In addition to Binance, OKX has also been supporting the development of the Bitcoin ecosystem. Whether it is BRC-20, Atomical, Runes, or the Fractal and CAT20 ecosystem in recent months, OKX Wallet has been updating the wallet so that users can better experience the Bitcoin ecosystem. In addition to UniSat, OKX Wallet has also become the most widely used wallet in the Bitcoin ecosystem.
Since November, OKX Chinese official Twitter has frequently posted articles mentioning the Bitcoin ecosystem. On November 11, when Bitcoin hit a record high, OKX issued an article mentioning that "the Bitcoin ecosystem is also booming." The accompanying picture basically covered all the tracks and protocols of the Bitcoin ecosystem.
Source: Odaily Planet Daily
On November 12, OKX Chinese official Twitter once again published an article for the Bitcoin ecosystem, with pictures of BRC-20, Runes, CAT-20 and Fractal, and these four protocols/sections are also relatively enthusiastic and topical among the Bitcoin ecological community. For higher.
Source: Odaily Planet Daily
According to the latest announcement from OKX, it will officially launch the DOGUSDT perpetual contract and start trading at 2:00 pm on November 19, 2024 (UTC+8). (Odaily note: DOG is a completely open source, community-driven meme coin based on the Bitcoin rune standard.)
Rune surpasses BRC-20 and becomes the first asset protocol in the Bitcoin ecosystem
Previously, the Bitcoin ecosystem was still in the early exploratory stage. Developers were actively conducting various experiments on the Bitcoin network, and various asset protocols were born. Actively exploring the possibilities of the Bitcoin ecosystem is a good thing in itself, but it also has a "side effect", that is, existing asset protocols will also operate independently, which disperses the consensus and funds of the Bitcoin ecological community and is not conducive to the formation of synergy.
But this situation is beginning to change, and Rune is becoming the largest consensus on asset issuance protocols in the Bitcoin ecosystem, even surpassing "big brother" BRC-20. From a data point of view, since the official release of the Rune protocol in April this year, Rune transactions have long occupied more than 50% of the market share on the Bitcoin chain, followed by regular Bitcoin transfer transactions or transactions of other asset protocols (some Asset protocol transactions are not identified), while the transaction market share of BRC-20 and Ordinals has shrunk to less than 10%.
Image source: https://geniidata.com/user/orddata/bitcoin-protocols-analysis
Compared with other asset protocols, Rune is currently the best in terms of community activity and popularity in the Bitcoin ecosystem.
As ecological enthusiasm fades and asset prices fall, many communities in the Bitcoin ecosystem have gradually "declined." But in Rune, communities such as DOG·GO·TO·THE·MOON, PUPS·WORLD·PEACE, BILLION·DOLLAR·CAT, RSIC·GENESIS·RUNE are still active, and other high-quality communities are also continuing to be born. groups, such as MEMENTO·MORI and GIZMO·IMAGINARY·KITTEN.
Although there are PVP and "gas arbitrage" situations, Rune is still an asset protocol that continues to generate hot spots in the current Bitcoin ecosystem and has some hot-spot money-making effects. Solana ecological memes are a big hit, and FOMO emotions will naturally drive the popularity of other ecological AI memes. Among the many asset protocols in the Bitcoin ecosystem, only Rune has taken on this popularity and brought about wealth effects. The market value of CYPHER·GENESIS, the current leader in the Rune AI track, has exceeded US$30 million. (Recommended reading is the full record of the Odaily editorial department’s meme operations on November 15 and November 18)
Last night, the new rune MILO•THE•MILLIONAIRE•GATOR was etched. The author personally tested mint and the cost of a set (25 pieces) is about 60 USDT. Because the project deployer has a certain relationship with the largest IP puppet in the Bitcoin ecosystem, a set of market prices on Magic Eden today has risen to around 118 USDT.
Although in terms of market value, Rune’s current total market value is US$1.91 billion, which is still less than BRC-20’s total market value of over US$3 billion. However, as the Bitcoin ecosystem gradually recovers, the total market value of Rune is also rising. It is only a matter of time before it surpasses BRC-20.
Source: Geniidata
Today OKX announced the launch of DOG•GO•TO•THE•MOON, which also represents the recognition of runes by leading exchanges. If you have to guess which Bitcoin ecological asset will be the first to be listed on Binance this round, the top asset in Rune is the most likely.
Of course, there are also other very high-quality asset protocols and ecological sectors 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 this stage, the ecosystem should be more focused and work together to push the Bitcoin ecosystem to the center of the stage again. Only in this way can other high-quality assets and narratives attract more people's attention.
Wait for the wind to come
Once you decide to buy, time will do the rest.
The first bull market in the Bitcoin ecosystem occurred from June to July 2023. The new asset issuance method represented by the Ordinals small picture and BRC-20 attracted people's attention;
The second Bitcoin ecological bull market occurred half a year later. From November 2023 to February 2024, some BRC-20 online top exchanges and the gameplay of Inscription were copied in all chains, giving birth to many stories of getting rich overnight. , similar to today’s memes;
The third bull market in the Bitcoin ecosystem occurred when the Rune Protocol was officially launched in April 2024 and lasted for about a month.
According to past experience, the Bitcoin ecological bull-bear cycle is 3 to 6 months. It has been half a year since the last bull market. During this period, although there were ecological hot projects that attracted short-term attention, they never formed a large-scale effect. At the end of June this year, Odaily Planet Daily wrote an article analyzing that the Bitcoin ecological bull market may be coming. A few months later, we still believe that the wind will come.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
This article is reproduced with permission from: (PANews)
Original author: Golem, Odaily Planet Daily
"Bitcoin breaks through 97,000!" The mad bull has kicked off, is the BTC ecosystem ready to explode? "This article was first published in "CryptoCity"
