On Nov. 14, the highly anticipated Bitcoin upgrade Taproot was activated on block 709,632 with the aim of kindling a DeFi and dApp ecosystem around the decentralized currency, giving it a more Ethereum-like functionality.
But while Taproot received almost universal support from the Bitcoin community—unlike the divisive 2017 SegWit upgrade—it has not resulted in any significant price or trading volume changes.
While some people are surprised, expecting a greater impact, they shouldn’t be.
Even though the Taproot upgrade is turning Bitcoin towards the future with a series of privacy and efficiency upgrades, the coin will remain a relatively conservative force in crypto primarily as a store of value in the near term.
After 11/14, BTC coin price and trading volume didn’t change much (Source: Footprint Analytics)
ETH coin price breaks 30K from 2.8K after London upgrade on August 6, 2021 (Source: Footprint Analytics)
What is a Taproot Update
The Bitcoin community updates Bit
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