Look at 5 Crypto Narratives After the Bitcoin Halving, Can You Still Set Another Record?

In the first quarter, Bitcoin experienced a significant price spike, increasing by 68%. Apart from being driven by the Fed's interest rate reduction narrative, this surge is also quite correlated with the flow of Bitcoin Spot Exchange-Traded Funds (ETF) funds in the US which received regulatory approval on January 10.

“In the coming second quarter, the increasing cost of mining Bitcoin, accompanied by the continued strength of the computers running the Bitcoin blockchain (hash power), could be a strong catalyst for BTC,” said Fahmi.

From a technological perspective, there is a new meta protocol innovation in Bitcoin with the launch of Runes, a development of BRC-20 for creating digital assets on the Bitcoin blockchain.

“This protocol, although it still needs to prove the sustainability of its product market fit, has provided a positive boost to the Bitcoin network with a significant increase in network activity and made Bitcoin set a new all-time high daily revenue figure of USD 80 million, which occurred last April 20, added Fahmi.

Apart from Runes, some Bitcoin fans are also waiting for a competing meta protocol such as CBRC-20 which carries a quite different innovative design. A number of crypto assets that could potentially be affected by this narrative include Bitcoin (BTC), Stacks (STX), Rootstock (RIF), Ordinals (ORDI), Multibit (MUBI).