Bitcoin Leads Crypto Market Higher After Taproot Upgrade And 'Whales Are Moving;' Ethereum, Dogecoin Mostly Muted

November 14, 2021 8:49 pm
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Bitcoin Leads Crypto Market Higher After Taproot Upgrade And 'Whales Are Moving;' Ethereum, Dogecoin Mostly Muted

Bitcoin (CRYPTO: BTC) traded higher Sunday night as the global cryptocurrency market cap rose 0.84% to $2.87 trillion at press time.

What Happened: The apex cryptocurrency was up 1.46% at $66,041.15 over 24 hours. Over the last seven days, BTC has risen 2.02%.

Ethereum (CRYPTO: ETH) was essentially flat at press time. It rose 0.05% higher at $4,682.03 over 24 hours and fell 0.24% for the week.

Dogecoin (CRYPTO: DOGE) was marginally higher at 0.78% over 24 hours at $0.26. Over the week, it has fallen 2.01%.

Rival Shiba Inu inched up 0.86% to $0.00005308 over 24 hours. Over seven days, it has fallen 2.92%.

WAX, Crypto.com Coin, and Loopring were the highest 24-hour gainers, as per CoinMarketCap data.

WAX soared 31.49% to $0.7607, Crypto.com Coin was up 15.75% at $0.4563, and Loopring gained 11.88% to $3.07 in the period. Crypto.com Coin charted an all-time high of 0.4604 on Sunday.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: After a wait of four years, a major upgrade to Bitcoin’s network “Taproot” was activated at block 709,632 on Sunday. The upgrade is construed as a positive, improving the apex coin’s privacy, transaction efficiency, and security.

Twitter handle “TheMoonCarl” noted the development and said he was “bullish for the future of [Bitcoin].”

Bitcoin whales are moving large amounts of the cryptocurrency, according to Ki Young Ju, the CEO Of Cryptoquant, who said it was “the largest moving I've ever seen since 2017 excluding outliers,”  on Twitter. 

Meanwhile, the non-fungible token buzz is leading to the burning of Ethereum, as per the journalist Colin Wu, who noted that the amount of ETH burned on the OpenSea marketplace has exceeded, 1000,000, which is more than $400 million. 

On Sunday, India’s Prime Minister Narendra Modi chaired a meeting on the status of cryptocurrency in the South Asian country. Discussed issues included misleading cryptocurrency advertisements and money laundering among others. India would reportedly take “progressive steps” on cryptocurrencies.

Read Next: Here's Why Bitcoin Will Not Go to $100,000 This Year, Explains Nicholas Merten

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