The Bitcoin ecosystem has been regarded as one of the most promising narratives in the current bull cycle, with the potential to reach a total market capitalization in the hundreds of billions of dollars.
However, since the inscription frenzy peaked between late 2023 and early 2024, activity across the Bitcoin ecosystem gradually declined. Interest from new users and capital inflows slowed significantly. Although subsequent developments such as Runes, the 5-character BRC-20 token $pizza, the Fractal ecosystem, and CAT-20 injected some vitality and attention, they did not reignite the massive hype seen during the initial inscription wave.
On one hand, Bitcoin’s price continues to break new all-time highs, with $100,000 seeming within reach. On the other, ecosystems like Solana, Base, and Sui are capturing significant attention and growth. So when will the bull market momentum shift back to Bitcoin? This article explores signals that may indicate the next wave of growth for the Bitcoin ecosystem.
Major Exchanges Are Supporting Bitcoin’s Growth
Support from leading centralized exchanges is critical for any ecosystem. It brings substantial visibility, new capital, and developmental resources. While recent attention has focused on which Solana meme coins might list on Binance, it’s important to note that Binance has also consistently supported the Bitcoin ecosystem.
During the previous inscription bull market, Binance actively listed spot trading for BRC-20 tokens like ORDI and SATS, as well as futures for RATS. Since then, new promising asset protocols have emerged within the Bitcoin space, such as Runes, Atomical, and CAT-20, all of which could potentially gain Binance’s support.
Just recently, on November 18, Binance Pool announced support for Fractal Bitcoin (FB) merged mining. The token $FB surged over 80% shortly after the announcement. Although Binance clarified that “listing the mining service does not guarantee a future listing on Binance.com,” this move is still a positive signal for the currently subdued Bitcoin and Fractal ecosystems.
Besides Binance, OKX has also been a strong supporter of Bitcoin’s growth. Whether for BRC-20, Atomical, Runes, or more recent developments like Fractal and CAT-20, OKX Wallet has consistently updated its features to improve user experience within the Bitcoin ecosystem. Alongside UniSat, OKX Wallet is now one of the most widely used wallets for Bitcoin transactions.
Since early November, OKX’s Chinese Twitter account has been actively posting about the Bitcoin ecosystem. On November 11, as Bitcoin reached a new all-time high, OKX highlighted that the “BTC ecosystem is also booming,” accompanied by an graphic outlining key sectors and protocols within the space.
The following day, OKX shared another post featuring BRC-20, Runes, CAT-20, and Fractal—four of the most discussed and community-driven protocols in the Bitcoin landscape.
According to the latest OKX announcement, the exchange will list DOG/USDT perpetual contracts starting November 19 at 2:00 PM (UTC+8). (Note: DOG is a fully open-source, community-driven meme token based on the Bitcoin Runes protocol.)
Runes Surpass BRC-20 as the Leading Asset Protocol
In the early experimental phases of the Bitcoin ecosystem, developers actively explored various approaches, leading to the creation of multiple asset protocols. While this experimentation was beneficial, it also resulted in fragmentation, with different protocols competing for attention and capital, which diluted overall community consensus.
This dynamic is now shifting. Runes is emerging as the dominant asset issuance protocol within Bitcoin, even surpassing the earlier standard—BRC-20. Data shows that since the Runes protocol launched in April, it has consistently accounted for over 50% of Bitcoin on-chain transactions. Regular Bitcoin transfers and other asset protocols make up the remainder, while the share of BRC-20 and Ordinals transactions has fallen to below 10%.
Compared to other asset protocols, Runes also boasts the highest level of community engagement and profitable trading activity.
As ecosystem hype faded and asset prices declined, many Bitcoin communities became less active. However, Runes-based communities such as DOG•GO•TO•THE•MOON, PUPS•WORLD•PEACE, BILLION·DOLLAR·CAT, and RSIC·GENESIS·RUNE remain vibrant. New high-quality communities like MEMENTO·MORI and GIZMO•IMAGINARY•KITTEN continue to emerge.
Although some trading involves PVP (player versus player) strategies and gas arbitrage, Runes remains the protocol that consistently generates hype and profitable opportunities. The recent excitement around AI meme tokens on Solana has sparked interest in similar trends across other ecosystems. Among Bitcoin’s various asset protocols, Runes has been the primary beneficiary of this trend, with leading AI-themed Rune CYPHER•GENESIS reaching a market cap exceeding $30 million.
Just last night, the new Rune MILO•THE•MILLIONAIRE•GATOR was etched. Minting one set (25 tokens) cost around $60. Due to its association with a well-known Bitcoin IP, the market price for one set on Magic Eden has already risen to approximately $118.
Although the total market cap of Runes is currently $1.91 billion—still below BRC-20’s超过 $3 billion—it continues to grow as the Bitcoin ecosystem recovers. It may only be a matter of time before Runes overtakes BRC-20 in total valuation.
OKX’s recent listing of DOG•GO•TO•THE•MOON signals strong institutional confidence in the Runes ecosystem. If any Bitcoin-based asset is likely to be listed on a major exchange like Binance in this cycle, leading Runes tokens are among the top contenders.
Of course, other high-quality asset protocols and sectors exist within the Bitcoin ecosystem, such as the Lightning Network, Fractal, CAT-20, and Bitcoin staking/restaking narratives led by Babylon. However, at this stage, the community may benefit from greater focus to collectively bring Bitcoin back to the center stage. Only then can other innovative assets and narratives gain broader recognition.
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Frequently Asked Questions
What is the current total market cap of the Bitcoin ecosystem?
While precise measurements vary, the combined valuation of major Bitcoin-based tokens and protocols is estimated in the tens of billions of dollars. Specific segments like BRC-20 and Runes continue to evolve, contributing significantly to this total.
How does Runes differ from BRC-20?
Runes is a UTXO-based fungible token protocol launched in April 2024. It aims to be more efficient and Bitcoin-native than BRC-20, which relies on the Ordinals theory. Runes has quickly gained adoption, now accounting for over half of Bitcoin’s transaction volume.
Are Bitcoin ecosystem tokens a good investment in this bull market?
Like any emerging asset class, they carry both potential and risk. While some tokens have delivered substantial returns, the market is still maturing. Investors should conduct thorough research, understand the technology, and consider the community support behind each protocol.
What role do exchanges play in boosting the Bitcoin ecosystem?
Major exchanges provide liquidity, accessibility, and legitimacy. Listings can significantly increase visibility and trading volume for Bitcoin-based tokens, attracting more users and developers to the ecosystem.
Is it too late to get involved in Bitcoin NFTs or Runes?
The ecosystem is still relatively young, with new projects and protocols launching regularly. While some early opportunities have passed, ongoing innovation continues to create new possibilities for participation and growth.
How can I securely store Bitcoin-based assets?
Using a reliable wallet that supports the specific protocol (e.g., Runes, BRC-20) is essential. Popular options include OKX Wallet and UniSat. Always ensure you follow security best practices, such as safeguarding private keys and using hardware wallets for significant holdings.
Waiting for the Wind to Shift
After making an investment decision, patience is often the key. The first major boom in the Bitcoin ecosystem occurred between June and July 2023, driven by Ordinals NFTs and the novel asset issuance model of BRC-20 tokens.
The second wave arrived about six months later, from November 2023 to February 2024, when several BRC-20 tokens were listed on top exchanges and the inscription trend was replicated across multiple blockchains. This period created numerous rapid wealth stories, much like the current meme coin phenomenon.
A third, smaller surge happened around April 2024 with the official launch of the Runes protocol, lasting approximately a month.
Historically, the cycle between bull and bear phases within the Bitcoin ecosystem has lasted three to six months. It has now been half a year since the last peak. Although occasional hot projects have sparked short-term interest, they haven’t yet catalyzed large-scale momentum. Back in late June, analysts speculated that the next Bitcoin ecosystem bull run was near. Several months on, the community remains optimistic that the wind will change direction once again.