BRC-20 hotspots are constantly emerging, how Bitget quickly lays out the rotation sector

Author: Martin Talk

Since the birth of Bitcoin in 2009, it has changed our perception of digital currency and led the concept of decentralized digital currency. Subsequently, Ethereum innovated on the foundation of Bitcoin, creating a new platform that successfully developed decentralized applications and smart contracts on its blockchain. This groundbreaking innovation of Ethereum introduced the ERC-20 token in 2015, allowing the Ethereum blockchain to support not only ETH but also thousands of other cryptocurrencies.

Entering 2023, Bitcoin launched the Ordinals protocol, making it possible to attach additional data to each satoshi on the Bitcoin blockchain. This marks a significant leap for Bitcoin in terms of innovation and diversification of its ecosystem, introducing fungible and non-fungible tokens to the Bitcoin blockchain.

What are BRC-20 Tokens?

The BRC-20 token standard was created in March 2023, utilizing the Ordinal protocol to "stamp" tokens onto the Bitcoin blockchain, allowing anyone to mint and transfer these tokens. This novel approach has injected new vitality into the long-dormant Bitcoin blockchain. The popularity of BRC-20 tokens has rapidly surged, driving significant increases in transaction volume and fees on the Bitcoin blockchain. Within just a month of its release, tokens such as Ordinals (ORDI), Pepe (PEPE), and MEME (MEME) began to emerge.

Forward-Looking Vision, Bitget Quickly Enters the BRC20 Ecosystem

In the face of emerging gameplay in the Bitcoin ecosystem, Bitget is one of the earliest platforms among CEXs to explore this field. Perhaps due to its support for the Bitcoin ecosystem or its high sensitivity to market trends, Bitget began to lay out the BRC-20 track as early as April this year, successively launching several early popular BRC20 ecosystem projects such as PEPE, ORDI, and BIP1.

Since entering November, with the recovery of the crypto market, Bitcoin ecosystem tokens have started to strengthen collectively. Taking BRC20 tokens as an example, the average increase in November exceeded 300%. Among them, the most outstanding performers, RATS, PEPE, and ORDI, saw increases of 774%, 486%, and 447% respectively throughout November. Bitget, which launched multiple BRC-20 tokens back in April, has also helped its users firmly capitalize on this wave.

Future Outlook for BRC-20 Tokens

Currently, the development of BRC-20 tokens is limited due to some key restrictions, such as incompatibility with EVM (Ethereum Virtual Machine), making it difficult for them to rise as quickly as Ethereum ecosystem tokens. However, it is worth noting that BRC-20 tokens and the Bitcoin ecosystem are continuously improving and developing. With further enhancements to the infrastructure, their growth potential is enormous.

In summary, although the future of BRC-20 tokens is filled with uncertainty, their impact in the cryptocurrency field cannot be ignored. Investors should fully understand and assess the potential risks and rewards when considering entering this field to ensure they make informed investment decisions.