In 2023, the level of Bitcoin’s dominance in the cryptocurrency market reached 50.2%. Analysts at Binance Research claim that the main drivers of BTC’s popularity growth are the launch of the Ordinals protocol and BRC-20 tokens.
According to Binance Research’s annual report, digital artifacts created via the Ordinals protocol opened a “new era” for Bitcoin and increased its dominance by nearly 10% over the year. Thus, in early 2023, Bitcoin’s share of the crypto market was about 40.4%, rising to 50.2% at the end of the year.
The Ordinals protocol was launched at the beginning of 2023 and instantly sparked a rise in demand for BTC, boosting the profitability of mining and transaction fees. The latter is especially important for miners, who will inevitably suffer in 2024 after the Bitcoin halving, analysts at Binance Research said.
The report also stated that the creation of BRC-20 tokens and their listing on major crypto exchanges became one of the growth drivers of the entire crypto market. And despite active criticism coming from some experts who claim that the technology overloads the network, the use of the Bitcoin network for non-financial transactions will remain one of the key topics in 2024.
The BRC-20 token standard was developed in March 2023. By May, their capitalization already reached $1 billion. As of 12:00 (GMT+2), January 16, the total cap of tokens issued on the Bitcoin mainnet via the Ordinals protocol is $3.5 billion.
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