Singapore, January 23, 2024 -- OKX Ventures, the investment arm of leading Web3 technology company OKX, today published its '2024 Bitcoin Outlook' report. The report forecasts a pivotal role for Bitcoin's Ordinals in 2024, based on the remarkable growth of OKX Wallet's total Ordinals trading volume in 2023, which exceeded USD1 billion across over 120,322 unique addresses for the year.
Following the success of Bitcoin Ordinals trading volumes on OKX Wallet's Ordinals Market, which attained a leading market share of 91.7% on November 21, 2023, the report predicts an upward trend in the adoption of different asset issuance standards in 2024. OKX Ventures aims to motivate more developers to contribute to the broader Bitcoin ecosystem's development.
Other highlights from OKX Ventures' '2024 Bitcoin Outlook' report include:
From an on-chain data growth perspective, the size of the Bitcoin blockchain is approximately 542 GB as of January 16, 2024, a 70% increase compared to three years ago. All of this reflects the explosive growth in the usage of Bitcoin as the leader of cryptocurrency.
Bitcoin remains the market leader despite the rise of other cryptocurrencies, with over 50% of the total market value of crypto assets.
The upcoming Bitcoin halving in April 2024 is expected to bring further benefits to the BTC ecosystem. Historical data indicates that Bitcoin has achieved a return of over 400% in the 12 months following previous halvings, providing traders with confidence in its potential as a value catalyst.
The emergence and approval of Bitcoin Spot ETFs is seen as a recognition of Bitcoin's value and is expected to attract significant capital into the crypto market.
Technological advancements such as asset issuance protocols, BitVM and Bitcoin covenants are revolutionizing the feasibility and privacy of asset issuance standards, and the complexity and security of smart contracts.
Layer 2 solutions, including rollups and side-chains, offer scalability and usability enhancements to the Bitcoin network. These solutions leverage the security and liquidity of Bitcoin, ensuring the continued growth and development of the BTC ecosystem.
The findings and analysis in this report are based on internal data from OKX Wallet and OKX Ventures' project portfolio. Pricing information from the OKX exchange is also included. This data is supplemented by an extensive review of secondary research, for which references are available here.
OKX Ventures Founder Dora Yue said: "Observing the dynamic growth and evolution of the Bitcoin ecosystem is truly inspiring. We firmly believe in the transformative power of these technologies. Our mission is to continue using our resources to nurture a more diverse and robust Bitcoin ecosystem."
Over the past two years, OKX Ventures has invested in over 300 projects across five continents with a fund size of approximately USD1 billion, covering almost all investment tracks. OKX Ventures focuses on supporting cutting-edge blockchain innovation and exploring high-quality projects that demonstrate long-term value.
The full report is available here.
