Charts and metrics suggest that the downturn is not over. However, many recent events indicate that the fall in the price of bitcoin (BTC) will not continue for long. In addition, bitcoin (BTC) continues to dominate the cryptocurrency market even though its dominance rate has fallen.
Events in the bitcoin (BTC) market show a bullish trend
The current conditions of the bitcoin (BTC) market are worrying, as the price of the cryptocurrency is struggling to keep above the $ 20,000 mark. However, there are many reasons to believe that they are temporary and that the future of cryptocurrency will be bright. One of the milestones in the Bitcoin (BTC) ecosystem is that blockchain lightning network resource recently hit a record high of 4,005 bitcoins (BTC). This represents a 6% increase.
At the same time, it will soon be possible to transfer stable coins from Lightning Network, which will partially promote the worldwide adoption of Lightning Finance (LiFi). Many other innovations are expected on the Lightning network that wants to offer its services in various fields: NFT, digital sector, collectibles, tokenized titles, smart contracts, etc. Some analysts believe that, within a few years,. Visa Lightning and LiFi Network could easily be congested and some other payment networks.
In addition, the Taproot modification launched on the Bitcoin (BTC) protocol in November 2021 is currently supported by 75% of network nodes. The team behind the blockchain is working to support 100% of the nodes. In addition, the new protocol called Tapo – powered Taro is expected to:hyperbitcoinize the world and all fiat currencies“.
BTC remains the largest player in the cryptocurrency market
The number of cryptocurrencies on the market has increased dramatically in recent years. It has increased from 2,400 in January 2020 to 4,155 in 2021, representing a 73% increase. Note that the total capitalization of the cryptocurrency market in 2021 was $ 958 billion. The total market is 19,930 cryptocurrencies (380% increase) for a market cap of $ 908 billion.
In January 2021, data showed that the bitcoin dominance rate (BTC) in the digital assets market was 68%. Admittedly, today, this rate has risen to 47%, but bitcoin (BTC) remains the main digital asset. And there is a good chance that he will dominate over 60% by 2024.
Many cryptocurrency investors and supporters are pessimistic about the future of bitcoin (BTC) in the face of falling market prices. However, there is still a glimmer of optimism when looking at recent events in the Bitcoin (BTC) ecosystem. In anticipation of the uptrend, the flagship digital asset remains dominated by the cryptocurrency market.
Source: Bitcoin Journal
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