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Here’s what could trigger a new Bitcoin rally
Alex Dovbnja
Could this be the new bullish narrative pushing Bitcoin price higher?
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According to a recent Bloomberg relationshipseveral Bitcoin developers are currently exploring the idea of adding programmability to the leading blockchain.
This narrative could reignite the cryptocurrency’s rally, according to the outlet. Bitcoin it is currently trading at $66,750. It is down 9.5% from its all-time high in March.
Unlike rival blockchains like Ethereum, Bitcoin does not have additional features such as smart contracts that would allow it to significantly expand its functionality.
The development of Bitcoin has been extremely conservative compared to other protocols. Its supporters have long refused to add new features as the largest cryptocurrency is seen as gold-like hard money. Furthermore, the slow and steady approach to development can be explained by the high level of decentralization: it is much easier for relatively centralized altcoins to implement changes.
However, this extremely conservative approach may take a backseat following the success of the Sort them protocol, which makes it possible to enroll NFTs on Satoshi. Now, developers are looking for new ways to expand Bitcoin’s programmability.
Bitcoin could get Ethereum-like smart contracts with the OP_CAT proposal currently under study. Notably, Satoshi Nakamoto himself abandoned this feature due to concerns about significant memory usage.
Meanwhile, Bitcoin native application developer Arch Labs, which has raised $7 million in funding, is currently working on a solution that would bring Solana apps to the Bitcoin network.
OrdinalsBot founder Toby Lewis predicts that Bitcoin may even emerge as the new leader of DeFi.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.