- The price of BTC is up more than 2% in the last 24 hours
- While a few metrics were positive, BTC’s weighted sentiment plummeted
BRC-20 has exploded in popularity in recent months, and much of the credit goes to the ordinal numbers. To add to the story, OKX has announced a new proposal that takes BRC-20 a step forward. But will the popularity and acceptance of BRC-20 have any impact on Bitcoin [BTC]?
All about OKX’s latest proposal
The BRC-20 proposal has been extended by OKX to the BRC-30, which adds functionality for layout procedures. These include dumping, hitting and retracting while incorporating BRC-20 design principles.
According to the official announcementthis proposal introduces a stakeout 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 provides a chance to interact with their communities.
The proposal stated, “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 to the ecosystem.”
In addition, the BRC-20 token ecosystem took on a new dimension thanks to these staking mechanisms. This also strengthens the ties between token owners and the underlying blockchain network.
Bitcoin is still below $28,000
While BRC-20 had news that excited the crypto community, BTC remained comfortably below $28,000. From CoinMarketCapthe price of BTC is up more than 2% in the past seven days.
At the time of writing, it was trading at $27,082.08 with a market cap of over $525 billion. Are there any chances BTC soon to cross the $28,000 mark? A look at the statistics yielded some answers.
A price pump is not a distant dream…
from CryptoQuant facts revealed that Bitcoin’s exchange reserve was declining. 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 measure suggested long-term holders’ movements over the past seven days were lower than the average. The funding rate of the king of cryptos had also increased, reflecting his popularity in the derivatives market.
Source: CryptoQuant
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Moreover, despite the sluggish price action, BTC’s popularity remained unaffected as social volume remained high over the past week. However, the weighted sentiment registered a decline, suggesting negative sentiment prevails BTC dominated the market in the recent past.
Source: Sentiment