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OKX Ventures Report Highlights Ordinals' Significant Role in Boosting Bitcoin Ecosystem, Evidenced by USD1 Billion Ordinals Trading Volume via OKX Wallet in 2023

Singapore, January 23, 2024 -- OKX Ventures, the investment arm of leading Web3 technology company OKX, today published its '2024 Bitcoin Outlook' report. The report forecasts a pivotal role for Bitcoin's Ordinals in 2024, based on the remarkable growth of OKX Wallet's total Ordinals trading volume in 2023, which exceeded USD1 billion across over 120,322 unique addresses for the year. 

Following the success of Bitcoin Ordinals trading volumes on OKX Wallet's Ordinals Market, which attained a leading market share of 91.7% on November 21, 2023, the report predicts an upward trend in the adoption of different asset issuance standards in 2024. OKX Ventures aims to motivate more developers to contribute to the broader Bitcoin ecosystem's development.

Other highlights from OKX Ventures' '2024 Bitcoin Outlook' report include:

  • From an on-chain data growth perspective, the size of the Bitcoin blockchain is approximately 542 GB as of January 16, 2024, a 70% increase compared to three years ago. All of this reflects the explosive growth in the usage of Bitcoin as the leader of cryptocurrency.

  • Bitcoin remains the market leader despite the rise of other cryptocurrencies, with over 50% of the total market value of crypto assets.

  • The upcoming Bitcoin halving in April 2024 is expected to bring further benefits to the BTC ecosystem. Historical data indicates that Bitcoin has achieved a return of over 400% in the 12 months following previous halvings, providing traders with confidence in its potential as a value catalyst.

  • The emergence and approval of Bitcoin Spot ETFs is seen as a recognition of Bitcoin's value and is expected to attract significant capital into the crypto market.

  • Technological advancements such as asset issuance protocols, BitVM and Bitcoin covenants are revolutionizing the feasibility and privacy of asset issuance standards, and the complexity and security of smart contracts.

  • Layer 2 solutions, including rollups and side-chains, offer scalability and usability enhancements to the Bitcoin network. These solutions leverage the security and liquidity of Bitcoin, ensuring the continued growth and development of the BTC ecosystem.

The findings and analysis in this report are based on internal data from OKX Wallet and OKX Ventures' project portfolio. Pricing information from the OKX exchange is also included. This data is supplemented by an extensive review of secondary research, for which references are available here.

OKX Ventures Founder Dora Yue said: "Observing the dynamic growth and evolution of the Bitcoin ecosystem is truly inspiring. We firmly believe in the transformative power of these technologies. Our mission is to continue using our resources to nurture a more diverse and robust Bitcoin ecosystem."

Over the past two years, OKX Ventures has invested in over 300 projects across five continents with a fund size of approximately USD1 billion, covering almost all investment tracks. OKX Ventures focuses on supporting cutting-edge blockchain innovation and exploring high-quality projects that demonstrate long-term value.

The full report is available here.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.
© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.
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