BTC Stagnant as BRC-20 Gains Popularity: OKX Introduces Staking Mechanism
• OKX announced a new proposal to introduce a staking mechanism within the Bitcoin network specifically tailored for BRC-20 tokens.
• Despite this news, BTC remained stagnant under the $28,000 mark due to its weighted sentiment score and low exchange reserve.
• Metrics such as daily active addresses were positive however, indicating there is potential for BTC’s price pump.
Introduction
This article discusses OKX’s recent proposal to add a staking mechanism within the Bitcoin network specifically tailored for BRC-20 tokens or Bitcoin. Despite this news, BTC has refrained from making it to the spotlight and remains sluggish with its current price of $27,082.08 with a market capitalization of over $525 billion.
Impact of BRC-20 Token Ecosystem
BRC-20 token ecosystem gained a new dimension thanks to the staking mechanics that were proposed. This not only strengthens ties between token owners and the underlying blockchain network but also offers project owners more design freedom as well as an opportunity to interact with their respective communities.
Positive Metrics for BTC Price Pump
The metrics associated with Bitcoin suggest there is potential for its price pump in the future despite being stagnant at present. CryptoQuant’s data revealed that Bitcoin’s exchange reserve was decreasing which indicated less selling pressure while daily active addresses also increased significantly.
Weighted Sentiment Score
The weighted sentiment score of BTC decreased considerably which could explain why it hasn’t been able to make it into the spotlight yet despite having positive metrics associated with it. The decrease in weighted sentiment score could be attributed to investors‘ lack of confidence in BTC or other external factors such as global economic conditions that are beyond control of players in the crypto world.
Conclusion
Despite BTC remaining sluggish at present due to its weighted sentiment score and low exchange reserve, there is still hope that it will eventually experience a price pump in the near future due to certain positive metrics associated with it such as increasing daily active addresses and decreasing exchange reserves. BRC-20 on the other hand has been gaining immense popularity lately thanks to OKX’s proposal which introduces staking mechanisms within Bitcoin networks specifically tailored for BRC-20 tokens or Bitcoin itself .