Outlook for the Bitcoin Ecosystem in 2024: Data is the key to decision-making

2024 Bitcoin Ecosystem Follow-up Outlook Data is the ultimate weapon for decision-making! "In this era full of changes and innovations, the future outlook for the Bitcoin ecosystem is particularly important." On the evening of May 23, OKLink was invited by industry media chain catchers to be a guest in a live discussion with the theme of "BTC Ecosystem Outlook" , conduct analysis and outlook from the perspective of on-chain data analysis, and gain insights through data trends.

Today, the editor of this website will share with you a detailed explanation of the follow-up outlook for the Bitcoin ecosystem in 2024. Data is the key to decision-making. Friends who need it, don’t miss it!

How is the fourth halving different from the past?

With the continued growth of the BTC ecosystem since 2023, the activity of the Bitcoin network is very different from the last halving, and the block reward dropped to 3.125 BTC.

According to OKLink miner income data, the total income of miners usually decreases after the halving, but then rises because miners’ income includes block rewards and transaction fees. Due to the market before and after the halving The volume of transactions that occurred increased significantly, resulting in miners receiving more fees. Generally speaking, block rewards are often much higher than transaction fees. During this halving period, the handling fees received by miners exceeded the block rewards for the first time, reaching about 70% of the total revenue.

Although it is a short-lived phenomenon, it at least proves that without considering block rewards, the increase in transaction fees caused by activities on the Bitcoin chain is theoretically enough to affect miners. The group generates continuous positive incentives.

For this phenomenon to continue, the necessary prerequisite is that on-chain activities are active enough, so more on-chain applications such as Bitcoin Rune are needed that can attract market attention and create incremental value. From this perspective, the BTC halving will promote the ecological development of the BTC chain to some extent, and may become a "catalyst" for the acceleration of ecological innovation. However, as the BTC ecosystem continues to prosper, the BTC halving will have less and less impact on the market in the future.

Which data deserves more attention in the BTC market outlook?

Trading volume is a barometer of market enthusiasm. When it surges, it shows strong investor interest or rising speculative sentiment, and vice versa.

Metrics such as the number of active addresses and the growth of decentralized applications (DApps) can provide information about the actual usage and adoption of cryptocurrencies. According to OKLink browser active address data, BTC’s average active address accounts for 1.43% of the total number of addresses, which is higher than Ethereum’s 0.66%. The number of new BTC addresses every day has remained at around 300,000 since 2016. Data is the key to decision-making.

How data helps the development of BTC ecosystem

The BTC ecosystem is one of OKLink’s key focuses, and it is focusing on developing support for Bitcoin Layer 2 and Layer 1 Cross-chain transaction data with Layer2.

OKLink now supports 44 public chains and includes all BTC inscription NFTs as well as tokens, transaction lists, transaction details, etc. Users can also easily query the details of an address, past historical transactions, etc. At the same time, it also provides a variety of integrated data analysis tools, including large-amount broadcasts, real-time Gas Fee statistics, on-chain indicator analysis, transaction volume, positions, computing power indicator analysis and other data. Users can intuitively view data trends and changes and quickly obtain them. Key Information.

It also provides more key data about BTC inscriptions, such as inscription token status, inscription transactions and inscription lists. It currently supports Runes, BRC-20, ARC- 20, SRC-20, BRC20-S and Ordinals NFT.

The market is turbulent, and only data is the key to decision-making. The objectivity, accuracy and analyzability of data are its power. Help us better understand the market performance after the halving and make judgments on future trends.

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