This New Crypto Hype Could Be A ‘MultiBillion Dollar Opportunity As The Price Of Bitcoin And Ethereum Slide

Bitcoin btc , Ethereum and other high-profile cryptocurrencies fell from their early 2023 highs this week despite predictions that a seismic shift in crypto sentiment is underway.

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Bitcoin prices fell after the latest inflation data showed prices remained persistently high, pushing back expectations that the Federal Reserve would turn to a rate hike program and push prices lower.

Now, new bitcoin-based non-fungible tokens (NFTs), called ordinals, are sparking a surge in user interest and driving the price of the cryptocurrency down. " . "file.

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"Because serial numbers are expected directly on the [Bitcoin] blockchain, they are considered 'digital artifacts' due to their permanence and immutability in the distributed ledger, unlike traditional NFTs that can be changed by developers." Smart contracts,” said Marcus Thielen, director of research at Matrixport, I wrote a research report a week.

The hype surrounding serial NFTs boosted the value of the STACKS (STX) cryptocurrency by nearly 200% through February.

Serial NFTs, similar to Ethereum and other smart contract-based NFTs, use satoshis, the smallest unit of Bitcoin, to encode digital art, profile pictures, videos, audio, and images directly into the Bitcoin blockchain.

"The full potential of the STACKS network is beginning to be recognized, which could further fuel the rally of the STX token," Thielen said.

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The NFT craze has come to an end in recent months, with bitcoin, ethereum and cryptocurrency prices wiping out nearly $2 trillion from the combined cryptocurrency market.

"The integration of NFTs and the Bitcoin network provides greater security, transparency and traceability, opening up more use cases and renewed interest in NFTs," Thielen wrote, adding that the recently created array of NFTs on the Bitcoin blockchain has surpassed 100,000. main scene. . Last week.

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