Cryptocurrency analyst VirtualBacon took to his latest video and delved into the fascinating developments within the Bitcoin ecosystem, including ordinal runes, BRC2 tokens, and Bitcoin Layer-2 solutions, aiming to enhance Bitcoin’s utility and scalability. He poses questions about the sector’s investment potential and which projects are driving Bitcoin adoption. He gave a list of his top three altcoins, which might explode when Bitcoin pumps.
Core is an EVM blockchain built and powered by Bitcoin, combining delegated proof of work from Bitcoin mining pools with proof of stake using its core token. The project, launched in February 2023, boasts a significant portion of its token supply already circulating, a favorable aspect compared to newer projects with lower token float. Despite experiencing initial price volatility, Core’s tokenomics are considered superior to its competitors in the Bitcoin layer 2 space. After peaking in March, the token’s current consolidation phase presents a potential re-entry opportunity before its next upward move.
He went on to discuss Tap Protocol, a project in the Bitcoin ecosystem that operates as a meta protocol. Tap Protocol offers more flexibility and decentralization compared to other protocols like BRC 20s. Although relatively new, Tap Protocol boasts powerful features and a decentralized indexer. The Tap token is not live yet but will soon be available through a token sale on CoinList, offering fair distribution. While Tap Protocol may not be as well-known as other Bitcoin layer 2 projects, it represents a significant innovation directly on top of Bitcoin, offering a fresh perspective in the space.
The analyst said that his third pick in the Bitcoin ecosystem is Runes. Instead of focusing on a specific Rune, he advocates for a diversified portfolio of top Runes due to the early stage of the technology. He suggests checking OKX, Magic Eden, or Uniswap for the top Runes. He personally holds six Runes, including Doggo to the Moon, RC Rune, and Pups World Piece. He also holds smaller positions in Decentralized Rune, Satoshi Nakamoto Rune, and Bitcoin Wizards BRC2 token.
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