Binance Research, the research unit of Binance, the world’s largest cryptocurrency exchange, published its latest report. There are interesting details in the report. Among these, BRC-20 tokens stand out. The report says these altcoins are a ‘key narrative’ for Bitcoin in 2023. Moreover, the report suggests that BRC-20 tokens usher in a “new era” for Bitcoin.
Binance Research: Ordinal is one of the most important narratives of 2023!
cryptokoin.comAs you follow from , BRC-20 tokens have become one of the important narratives of 2023. As a matter of fact, Binance Research also draws attention to this situation in its latest report. The report says that BRC-20 token listings on major exchanges are helping the market move forward. The research arm of crypto exchange Binance highlights the growth of BRC-20 tokens in its latest report. Thus, he argues that Ordinal is one of the most important narratives of 2023. However, it should also be noted that many people are skeptical about Ordinal’s place in the Bitcoin ecosystem. The leading ones of these tokens include ORDI, SATS and Multibit.
Additionally, Binance Research says in its latest report that BRC-20 tokens usher in a “new era” for Bitcoin. The BRC-20 token standard, created in early March 2023, became very popular last year with meme tokens such as Pepecoin (PEPE) being created using the standard. According to Binance, Bitcoin Ordinals inscriptions and BRC-20 tokens have influenced Bitcoin’s growth and dominance in 2023.
They played a serious role in increasing Bitcoin’s dominance!
In the report, Binance points out that Bitcoin’s market dominance increased from 40.4% to 50.2%. He notes that this has allowed the network to capture half of the total market capitalization in the crypto space. The researchers emphasize that the network’s activities are “clearly influenced” by the inscriptions and BRC-20 tokens. In this context, they note the increase in the number of Bitcoin mempool transactions.
A spokesperson for Binance Research notes that the growth of BRC-20 tokens is a key Bitcoin narrative in 2023. Moreover, he believes this will continue to be an important issue in 2024. In this context, the spokesperson makes the following statement:
The rapid growth in market capitalization and the listing of the largest BRC-20 tokens on major exchanges have been notable highlights that have helped propel the market further.
Are Ordinals a burden for Bitcoin?
The researcher also expressed his opinions about those who believe that the Ordinals protocol has no place in the Bitcoin ecosystem. The spokesperson says Bitcoin is decentralized and permissionless. So it’s possible for the community to use it however they decide. In this regard, the spokesperson said, “It is not up to one person or group to say what technology can be used for.” says. The Binance Research spokesperson also emphasizes that from an economic perspective, Ordinals and BRC-20 tokens help lead to higher transaction fees, which are “beneficial for miners” who will be affected by the upcoming Bitcoin halving in 2024.
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