BRC-20’s new development is exciting, but BTC remains sluggish as.. 

Please fol­low and like us:
Pin Share


  • BTC’s price increased by more than 2% in the last 24 hours
  • Though a few met­rics were pos­i­tive, BTC’s weight­ed sen­ti­ment plummeted 

BRC-20 has gained immense pop­u­lar­i­ty over the last few months, and much of the cred­it goes to the ordi­nals. To add to the sto­ry, OKX has announced a new pro­pos­al that takes BRC-20 a step ahead. But will BRC-20’s pop­u­lar­i­ty and adop­tion have any impact on Bit­coin [BTC]

All about OKX’s latest proposal 

The BRC-20 pro­pos­al has been expand­ed by OKX into the BRC-30, which adds func­tion­al­i­ty for stak­ing pro­ce­dures. These include deposit­ing, mint­ing, and with­draw­ing while incor­po­rat­ing BRC-20 design principles. 

As per the offi­cial announce­ment, this pro­pos­al intro­duces a stak­ing mech­a­nism with­in the Bit­coin net­work specif­i­cal­ly tai­lored for BRC-20 tokens or Bit­coin. The launch of BRC-30 and its stak­ing capa­bil­i­ties gives BRC-20 token hold­ers and projects more design free­dom. It also offers a chance to inter­act with their communities. 

The pro­pos­al men­tioned, “By imple­ment­ing BRC-30, we envi­sion a future where BRC-20 token and Bit­coin hold­ers can do more with their tokens and be reward­ed for their com­mit­ment towards the ecosystem.”

In addi­tion to that, the BRC-20 token ecosys­tem gained a new dimen­sion thanks to these stak­ing mechan­ics. This also strength­ens ties between token own­ers and the under­ly­ing blockchain network.

Bitcoin is still under $28,000

While BRC-20 had news that excit­ed the cryp­to com­mu­ni­ty, BTC, on the oth­er hand, remained com­fort­able under the $28,000 mark. As per Coin­Mar­ket­Cap, BTC’s price has increased by over 2% in the last sev­en days. 

At the time of writ­ing, it was trad­ing at $27,082.08 with a mar­ket cap­i­tal­iza­tion of over $525 bil­lion. Are there any chances of BTC cross­ing the $28,000 mark any­time soon? A look at its met­rics pro­vid­ed a few answers. 

A price pump is not a distant dream…

CryptoQuant’s data revealed that Bitcoin’s exchange reserve was decreas­ing. This was a pos­i­tive sig­nal, as it indi­cat­ed less sell­ing pres­sure. BTC’s dai­ly active address­es also increased, which was also bullish.

In addi­tion to that, BTC’s bina­ry CDD was green. The met­ric sug­gest­ed that long-term hold­ers’ move­ments in the last sev­en days were low­er than the aver­age. The king of cryp­tos’ fund­ing rate was also up, reflect­ing its pop­u­lar­i­ty in the deriv­a­tives market. 

Source: Cryp­to­Quant


Is your port­fo­lio green? Check the Bit­coin Prof­it Cal­cu­la­tor    


Fur­ther­more, despite slug­gish price action, BTC’s pop­u­lar­i­ty remained unaf­fect­ed as its social vol­ume con­tin­ued to remain high through­out the last week. How­ev­er, its weight­ed sen­ti­ment reg­is­tered a decline, indi­cat­ing that neg­a­tive sen­ti­ment around BTC dom­i­nat­ed the mar­ket in the recent past. 

Source: San­ti­ment

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *