Bitcoin Price Steady as Important Network Upgrade Rolls Out

Bitcoin Price Steady

Created by TradeOr

3rd Party Analysis 12 Nov 2021

Key Takeaways:

  • Bitcoin price stable as the community expects the significant Taproot upgrade this weekend
  • Ether, meanwhile, gravitates towards its all-time high early Friday

What’s Today’s News in Crypto?

Bitcoin, the world’s first and most valuable cryptocurrency, is slated for a major upgrade over the weekend. The token, commanding a market capitalization of over $1.2 trillion, will undergo the so-called Taproot upgrade.

In more detail, this would be Bitcoin’s first crucial upgrade since 2017 when the community rolled out the SegWit update. That said, cryptocurrency circles, more precisely the miners, accepted the Taproot changes with a majority of 90% voting in favor.

Taproot’s main goals are to make Bitcoin better through cheaper transactions, better use of smart contracts, and improved privacy. All this, and more, will be rolled out in the next two days, a Taproot Watch says.

Keep in mind that due to the importance of the upgrade, heightened volatility may be noticed in the price of bitcoin.

What’s the Price of Bitcoin?

Early on Friday, the price of bitcoin is trading slightly below $65,000 per coin. Furthermore, the original cryptocurrency is on track to finish the week in the green. If the digital asset closes above its Monday opening price of $62,900, this would be bitcoin’s seventh straight winning week.

In other words, bitcoin could realize a weekly gain of about 3% at its current market price.

Moreover, it was the week of the all-time high of $69,000 set on Wednesday. Not only that, but with every passing day, the popularity of bitcoin and the broader crypto market grows.

Ether, for example, continues to shatter records. This week, the Ethereum token peaked at a fresh all-time high of $4,860 apiece. Currently, the second-largest crypto asset is changing hands near $4,710. With this in mind, Ether has gained about 3% from Monday to its present level. Furthermore, the token is also in its seventh straight week of gains.

How to Buy Bitcoin?

Buying bitcoin, or alternative coins, has become a matter of a few clicks now. While in the past it required technical competence with an elevated chance of making mistakes, it’s relatively straightforward now.

All you need to do is head over to our Buying Bitcoin Guide where you’ll learn the steps. In addition, you can also check our Cryptocurrency Guide to see the hottest tokens in the fast-developing market.