What impact will Bitcoin’s Taproot upgrade have on BTC price?

What impact will Bitcoin’s Taproot upgrade have on BTC price?
фото показано с : invezz.com

2021-5-12 20:26

Segregated Witness was activated on the 24th of August, 2017, and the price of Bitcoin grew up to 49,75% following its activation. SegWit essentially prevented non-intentional transaction malleability and increased the block size limit by pulling signature data from Bitcoin transactions. On the 21st of July of 2017, Bitcoin was trading at $2,748, which was up 49.75% when compared to the 14th of July of 2017, where it traded for $1,835. 

Analyzing the future of Bitcoin through Taproot

The main benefits of Taproot include an increased level of security within the types of transactions. It will allow for complex transactions, such as ones requiring multiple signatures or those with delayed-release. It will also allow for lower fees, as the data size of complex Bitcoin transactions would be reduced, and we’d get lower transaction costs.

Furthermore, we’ll see a much higher level of flexibility due to the fact that it will enhance smart contract functionality, and it will receive a lightning boost, as it will make transactions on the lightning network cheaper, a lot more flexible, and most importantly, private.

Does this mean you should buy Bitcoin now?

Bitcoin has certainly seen its fair share of ups and downs in recent weeks and the price of one BTC is hovering at around $56,000.

One of the more recent catalysts that lifted BTC price higher was attributed to Tesla’s announcement it will accept Bitcoin as payment for its cars. This gave more reason to believe Bitcoin can serve as a means of payment at major corporations. That being said, through the last big upgrade, we saw a rise in the price of up to 49.75%, and through real-world acceptance, we saw it grow even further, up to $60,000 for the very first time.

Through this upgrade, we should expect it to rise in price yet again, and we should see it rise to $60,000 again as its next price target, however, on the flip side, if it ends up dropping under $50,000 again, it’s a hard “sell” signal as it implies investors had no interest in buying at a key support level.

The Impact Summarized

We can see potential growth in Bitcoin, but not through Taproot alone, but through the fact that through this update, a lot more companies will potentially see it as a viable option for making transactions, which will lead to acceptance by the general populous, and this popularity will make its price rise as a result. 

Investors should buy bitcoin now due to the fact that the update isn’t live yet, and its release will surely spark social media attention, popularity throughout large corporations. It may also create a pathway towards increased adoption by the general populous due to the various improvements Taproot brings to the blockchain. 

The post What impact will Bitcoin’s Taproot upgrade have on BTC price? appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97809.77 (-0.23%)
Объем 24H $44.596b
Изменеия 24h: -0.97 %, 7d: 7.90 %
Cегодня L: $97692.84 - H: $98100.09
Капитализация $1935.31b Rank 1
Цена в час новости $ 57270.07 (70.79%)

bitcoin price transaction malleability non-intentional prevented activation

bitcoin price → Результатов: 126


Фото:

Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder

The last Bitcoin halving took place in April when the block reward dropped from 6.25 Bitcoin to 3.125 Bitcoin Jesse Myers said Bitcoin’s price needs to go higher for a “supply-demand price” balance to happen When that occurs, the market will “flywheel into mania and a bubble,” which happened in the 2012, 2016, and 2020 […] The post Post-halving 2024 market is pushing Bitcoin’s price, not just Trump, says Onramp Bitcoin co-founder appeared first on CoinJournal.

2024-11-13 17:39


Here’s What To Expect From The Bitcoin Price In November After Breaking Above $70,000

The Bitcoin price is back above $70,000 for the first time in four months, with the ‘Uptober’ rally eventually happening as the month ends. This looks to be the start of significant price rallies for the flagship crypto as the market heads into November, which is also historically bullish. What To Expect From The Bitcoin […]

2024-10-30 19:30


Фото:

Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode

Bitcoin (BTC) is showing the first signs of positive price momentum since June, as it attempts to convincingly break the $69,000 price zone and shift to a “euphoric bull market.” According to Glassnode’s latest “Week Onchain Newsletter,” the recent rally has seen Bitcoin’s spot price break through key technical and on-chain price levels, pushing many […] The post Bitcoin’s bullish momentum seeking ‘euphoric’ market shift – Glassnode appeared first on CryptoSlate.

2024-10-24 00:38


Bitcoin Cup And Handle Cascade: Analyst Says BTC Price Could Reach $230,000 If It Follows This Structural Path

A crypto analyst has projected a significant break to the upside for Bitcoin, drawing parallels to similar breakouts in traditional assets in the tune of the Gold and the S&P500. According to a technical analysis of the current price action, Bitcoin is playing out a cup and handle pattern, which could send it surging to bullish price targets above $230,000.

2024-10-22 22:30


Bitcoin Price To $95,000? Here’s What Needs To Happen First

The Bitcoin price has now broken above the $68,000 mark amid a run of a 12% price increase in the past seven days. However, analysis says the Bitcoin price will not stop this surge anytime soon. According to a detailed analysis posted on TradingView, a well-known crypto analyst has shared insights suggesting that Bitcoin is on track to climb even higher to reach an ambitious target of $95,000, but USDT.

2024-10-18 13:00


Bitcoin Poised For Minimum 60% Rally As 3 Critical Signs Align

Henrik Zeberg, a macroeconomist known for his expertise in business cycles, has pinpointed an upcoming rally of at least 60% for the Bitcoin price in his latest technical analysis. The seasoned analyst has identified a pattern across three critical technical indicators that have historically signaled major upward price movements when all aligned.

2024-10-18 11:30