This New Crypto Hype Could Be a “Multi-Billion Dollar” Opportunity as Bitcoin and Ethereum Price Slides

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BitcoinBTC, ethereum and other high-profile cryptocurrencies have fallen this week from their early 2023 highs despite predictions that a seismic shift in crypto sentiment could be underway.

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Bitcoin price fell after the latest inflation data showed prices remained stubbornly high, pushing back expectations of a Federal Reserve pivot from its interest rate hike program and dragging the price down. ethereum and other cryptocurrencies.

Now, as new bitcoin-based non-fungible tokens (NFTs) called ordinals are triggering a surge in user interest and driving the price of the cryptocurrency from the protocol stacks, researchers have predicted that the hype could make it a “multi-billion dollar” token.

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The hype around bitcoin-based non-fungible tokens (NFTS) has caused the price of smaller stacks… [+] cryptocurrency to soar this month.

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“Since the ordinals are struck directly on the [bitcoin] blockchain, they are considered ‘digital artifacts’ due to their permanence and immutability on the distributed ledger, unlike traditional NFTs which can be modified by smart contract developers,” wrote Markus Thielen, Head of research at Matrixport, in a research report. this week.

The hype around ordinal NFTs drove the price of the stacks (STX) cryptocurrency up around 200% through February.

Ordinal NFTs, which are similar to Ethereum and other smart contract-based NFTs, use bitcoin’s smallest unit, satoshis, to encode digital art, profile pictures, videos, audio, and the images directly on the bitcoin blockchain.

“The full potential of the Stacks network is starting to be recognized, which could fuel the STX token rally even further,” Thielen added.

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The price of the stack’s STX cryptocurrency has skyrocketed over the past month, even as the price of bitcoin and… [+] the price of ethereum has fluctuated wildly.

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The NFT craze has faded in recent months amid a crash in bitcoin, ethereum and crypto prices that wiped roughly $2 trillion from the combined crypto market.

“The merger of NFTs and the bitcoin network provides increased security, transparency and traceability, opening up more use cases and rekindling interest around NFTs,” Thielen wrote, highlighting the number of newly created ordinal NFTs on the bitcoin blockchain surpassing 100,000 – a major milestone last week.

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