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Bitcoin Ecosystem Tokens, RUNE, STX, and ORDI May See Gains After Halving

Apr 10, 2024
    Bitcoin’s halving event could increase bets on related networks and ecosystem tokens, with traders expecting tokens such as STX, RUNE, and ORDI to rise.Bitcoin-based meme coins, NFTs, and Ordinals could form part of a “barbell strategy” comprised of both technical and non-serious projects, some traders say.
The upcoming bitcoin (BTC) halving event, highly anticipated in the crypto community, may lead to increased investments in associated networks and ecosystem tokens. Traders believe these tokens could experience price growth due to both technical reasons and popular sentiment.

The rate of new coins creation gets cut in half during halving, decreasing the amount of fresh supply in circulation. Presently, each block rewards miners with 6.25 Bitcoins, but following the halving, this number will decrease to 3.125 Bitcoins. Historically, a bull market for Bitcoin has followed this event.

In the present bullish market, crypto investors are looking for valid reasons to make purchases, as the financial stories frequently change. They might soon concentrate on the bitcoin network for potential opportunities.

In simpler terms, Wintermute’s OTC desk pointed out to CoinDesk via email that there is a vast amount of inactive Bitcoin funds, and not many publicly traded assets are available for traders to invest in the related story.

If capital starts flowing into Bitcoin, tokens such as RUNE, STX, and ORDI may experience substantial growth and potentially surpass other investments.
In the past year, RUNE from THORChain and STX by Stack have stood out among top-performing tokens, according to CoinGecko data, mirroring bitcoin’s growth. Meme token ORDI, inspired by Bitcoin’s Ordinals protocol, has experienced a remarkable surge of over 2,500% since its release in September.

At the same time, Bartosz Lipinski, the creator of the cryptocurrency exchange platform Cube.Exchange, expressed his viewpoint in an email that meme coins and the forthcoming Runes protocol might lead to imprudent wagers within the bitcoin market.

“According to Lipinski, Ethereum‘s high fees and network congestion may make way for Bitcoin-related projects, such as Rune, to capture the attention of meme coin enthusiasts. The anticipated launch of Rune’s BRC-20 (Ordinals NFT) standard is believed to overshadow Ethereum‘s.”

He proposed that Runes intends to shift from the conventional method using interchangeable digital tokens, making it simpler to generate humorous crypto coins to match the hype in the Base and Solana networks.

Ordinals allow you to add information to the Bitcoin blockchain by attaching references to digital artwork to tiny Bitcoin transactions.

Last week, the ordinal rankings of NodeMonkes and Pups surpassed those of Ethereum and Solana’s typical leaders. This information was recently disclosed. Additionally, there was a significant 95% decrease in NFT buying and selling activity on all networks, indicating a potential unique focus on Ordinals.

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2024-04-11 11:49