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In 2023, Bitcoin’s dominance within the cryptocurrency market hit 50.2%. Analysts from Binance Research attribute the significant rise in BTC‘s popularity to the introduction of the Ordinals protocol and BRC-20 tokens.
As per Binance Research’s annual report, digital assets generated through the Ordinals protocol have ushered in a “new era” for Bitcoin, enhancing its market share by nearly 10% throughout the year. Consequently, Bitcoin’s portion of the crypto market was approximately 40.4% at the start of 2023, climbing to 50.2% by year-end.
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The Ordinals protocol was introduced at the start of 2023 and quickly led to an increase in demand for BTC, enhancing the profitability of mining and transaction fees. This aspect is particularly crucial for miners, who are expected to face challenges in 2024 following the Bitcoin halving, according to analysts at Binance Research.
The report further indicated that the emergence of BRC-20 tokens and their availability on prominent crypto exchanges served as a catalyst for the overall growth of the crypto market. Despite ongoing criticism from some experts who argue that the technology burdens the network, the utilization of the Bitcoin network for non-financial transactions is anticipated to remain a significant topic in 2024.
The BRC-20 token standard was established in March 2023. By May, its market capitalization had already reached $1 billion. As of 12:00 (GMT+2) on January 16, the total market cap of tokens issued on the Bitcoin mainnet through the Ordinals protocol stands at $3.5 billion.
Сообщение Ordinals Protocol and BRC-20 Tokens Boost Bitcoin Domination to 50% in 2023 появились сначала на CoinsPaid Media.
