The cryptocurrency analyst known as VirtualBacon is presenting a bullish scenario for various altcoins that are projected to gain substantially as Bitcoin prepares for its next significant upswing. In a detailed analysis, the analyst delves into the expanding Bitcoin ecosystem, shedding light on innovations like Runes, BRC-20 tokens, and Ordinals that are expected to garner momentum during Bitcoin's upcoming surge.
Emergence of Bitcoin's Programmable Layer
As per VirtualBacon, the Bitcoin ecosystem currently stands as one of the most captivating narratives within the cryptocurrency sphere. Initially serving as a store of value and medium of exchange without programmability, Bitcoin is now witnessing advancements aimed at introducing decentralized finance (DeFi) features to the leading cryptocurrency globally.
These advancements involve the deployment of smart contract layers and programmable meta-protocol layers, enabling activities such as token issuance, staking, decentralized exchanges, lending, and more. The focus is on utilizing dormant Bitcoin holdings in wallets and non-exchange platforms to generate a wealth effect that benefits Bitcoin and the entire crypto landscape.
New Meme Coin Innovations and Opportunities
Milei Moneda is a novel meme coin inspired by the ideologies of Javier Milei, a notable Argentine president known for his libertarian views and support for Bitcoin. The ongoing low pre-sale price offers an early opportunity to engage with this new venture.
Top Three Altcoins to Monitor
VirtualBacon identifies three altcoins that are poised to capitalize on the growth of the Bitcoin ecosystem:
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CoreDao (CORE): Integrated as an Ethereum Virtual Machine (EVM) blockchain empowered by Bitcoin, CoreDao merges delegated proof-of-work from Bitcoin mining pools with proof-of-stake utilizing its CORE token. VirtualBacon expresses strong optimism towards CoreDao due to its sustained presence, sophisticated tokenomics, and favorable re-entry point post-recent consolidation.
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Tap Protocol (TAP): Differing from an EVM layer, Tap Protocol acts as a meta-protocol akin to Bitcoin Runes, Ordinals, and BRC-20s, providing enhanced flexibility and decentralization. Tap introduces a new era of fungible tokens on top of Ordinals, enabling the creation and management of meme coins, stablecoins, and more. Its extensive functionalities encompass minting, transferring, staking, bridging, distributing, and airdropping tokens with nominal fees.
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Bitcoin Runes: VirtualBacon recommends diversifying holdings across the top Runes rather than focusing on a single Rune to leverage this burgeoning technology. His portfolio currently includes six Runes like DOG•GO•TO•THE•MOON, RSIC•GENESIS•RUNE, PUPS•WORLD•PEACE, DECENTRALIZED, SATOSHI•NAKAMOTO, and the Bitcoin Wizards BRC-20 Token.
Promise in Bitcoin's Evolving Ecosystem
VirtualBacon highlights the substantial investments and advancements in the Bitcoin ecosystem by major exchanges like Binance and OKX, particularly in the Asian market. Their support, coupled with the interest from the Asian crypto community, has already led to considerable price increases in projects such as Ordinals (ORDI).
Unlocking Bitcoin's liquidity for DeFi is viewed as an enticing prospect by the analyst. The growth of Bitcoin's market cap opens avenues for a portion of that liquidity to flow into Layer-2s, Layer-1s, and sidechains, fostering a dynamic environment for new tokens and initiatives. This influx of liquidity is a key reason behind VirtualBacon's bullish stance on Bitcoin DeFi.
While acknowledging challenges related to new token dynamics and limited circulating supply in certain projects, the analyst maintains a positive outlook on Bitcoin's evolution and the potential for significant gains in the aforementioned altcoins.
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