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