Emerging Trends in the Cryptocurrency Ecosystem in 2024

Emerging Trends in the Cryptocurrency Ecosystem in 2024

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With the first month of the year behind us, the important themes that are expected to mark the year 2024 in the cryptocurrency ecosystem have begun to become clearer. Among these topics, the Ordinals and BRC-20 cryptocurrency standards stood out. While the Ordinals protocol, which allows data inscriptions to satoshis, the smallest unit of Bitcoin, developed in March 2023, has attracted attention as a new type of cryptocurrency standard, a recent report confirmed this interest. A report published in mid-January by Kaiko, a France-based blockchain analytics company, showed that the transaction volume of prominent BRC-20 cryptocurrencies such as ORDI, SATS and RATS has increased from 2023-10 million dollars to more of 15 million dollars since November. 500. It was claimed that the number had increased. Sharing his assessments on the topic, Gate.io Global Growth Director Kafkas Sönmez said: “The BRC-10 standard, adopted by the world’s leading exchanges including Gate.io, appears to be one of the prominent topics. out of 20 in the crypto ecosystem. . “This standard, whose opportunities and risks are closely followed by ecosystem opinion leaders, is an important cornerstone in the development of Bitcoin,” he said.

Market value approached $2.5 billion

While the total market value of the 20 tokens on the BRC-60 cryptocurrency list listed by CoinMarketCap exceeded 2.4 billion, ORDI took the market lead. ORDI was followed by cryptocurrencies such as 1000SATS, TRAC, MUBI, LEVER. Kafkas Sönmez stated that the BRC-20 cryptocurrency standard is an extension of the Ordinals protocol developed by Casey Rodarmor: “This standard, which creates fungible tokens on the Bitcoin blockchain, means a more complex and more beneficial innovation for the cryptocurrency network. Bitcoin. Just as the ERC-20 token standard is at the heart of Ethereum networks, BRC-20 technology opens the door to new possibilities for the future of Bitcoin. BRC-20 does not pose the risk of replacing normal transactions by stealing a role from Bitcoin, as some comments have pointed out. On the contrary, it increases the efficiency of the block on the blockchain,” he said.

Remember the innovative nature of Bitcoin

Gate.io Global Growth Director Kafkas Sönmez stated that in the period after the ERC-2017 token surge on the Ethereum chain, which started in 20, the price of Ethereum increased almost 30 times in one year. It is considered a copying method. While he has his critics, proponents of the BRC-20 standard believe that Ordinals and BRC-20 technologies make cryptocurrencies fun again and serve as a reminder of the experimental and innovative nature of the Bitcoin ecosystem. Even the founders of the Ethereum Foundation have commented that Ordinals’ technology represents a “culture of actually making things.” “BRC-20 promises value to the Bitcoin ecosystem with 20 exponential growth potential,” he said.

Recalling that Gate.io, which will introduce BRC-20 tokens to the market, announced the registration pre-sale platform and browsing services in recent weeks, Kafkas Sönmez concluded his evaluations with the following statements: “Gate.io sees value in BRC -20 and related technologies. For this very reason, we are launching our pre-sale platform, that is, to bring enrollment projects that support various blockchain protocols, including Bitcoin NFTs, BRC-20 tokens and Ethscriptions, to the crypto ecosystem and pioneer innovation in Bitcoin and Ethereum . blockchains giving credibility to promising projects. We announce our Launchpad. This aligns with Gate.io’s vision of being an exchange that supports the ecosystem at every stage. Users will have the opportunity to participate early in the new BRC-20 and other enrollment projects in a fair environment. With our navigation services that we have implemented to create a more holistic view of developments in blockchain, we will provide the opportunity to follow developments in the Enrollment approach more easily with rich graphs and complete information.

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