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The NFT marketplace is dominated by major players like Ethereum and Solana. Due to poor architecture and lack of smart contract capability. The implementation of Segwit and Taproot in Bitcoin protocol made Bitcoin Ordinals viable.
Segwit -
SegWit is focused mainly on addressing scalability problems. It helps to reduce the weight of transactions in a block by segregating the transaction data from the input signature data.
Taproot-
Taproot upgrade is the most important upgrade after SegWit. It helps to improve transaction speed, security, and privacy. Block size has improved to 4 MB from 1 MB after upgrade. Taproot upgrade makes ordinal possible
Costs of data storage were reduced in the Bitcoin blockchain by 75%.
Improves the scalability by reducing the amount of data.
Privacy has been improved by hiding transactions from the public.
Bitcoin Ordinals
The ordinal inscription is a protocol that is a way to create digital content in Bitcoin blockchain by attaching data such as images, and videos using satoshi or "sat" equivalent to 1/100,000,000 of a single Bitcoin.
It utilizes two recent upgrades of the BTC protocol
- Segregated Witness section
- Tapscript
Cryptoslam shows that NFT sales on the Bitcoin chain reached $881,223,753.92 in December 2023, setting the highest single-month sales record to date, including 111,713 buyer addresses and 98,744 seller addresses, both setting the highest single-month records to date.
ORDIUSD prices jumped more than 120% from a low of $45.It hit a high of $91.88 and is currently trading around $84.75. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).
The near-term resistance is around $100, any indicative breach above will take the pair to $120/$150. On the lower side, immediate support is $72, and any violation below targets $66/$60.
Indicators ( Daily chart)
CCI(50)- Bullish
Directional movement index - Neutral
It is good to buy on dips around $65 with SL around $50 for TP of $120.
