Bitcoin price was trading flat after Taproot, the biggest network upgrade in four years, went live
The uptrend is still underway, and the Bitcoin price bounce off the $65,000 support could bode well for altcoins. At the time of writing, BTC is changing hands at $65,580.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price drifts lower after Taproot upgrade
Another weekend in which there were positive moves for Bitcoin, fans of the leading cryptocurrency celebrated with the launch of Taproot. This is the most significant upgrade to the Bitcoin protocol since 2017, Taproot offers a wide range of features from the security to efficiency of the Lightning Network. This proposal was first made seven years ago by developer Greg Maxwell and has finally become a reality.
BTC has been trading mainly in the low $60,000′s since hitting an all-time high near $69,000 last week. Researchers at the crypto exchange Kraken wrote Friday that buy orders concentrate around $62,000, while there appear to be interested sellers around $67,000 to $69,000. Could Bitcoin repeat its previous bullish performance following the Taproot upgrade and pull altcoins higher?
At the time of writing, based on statistics from Alternative.me, “Crypto Fear & Greed Index” is showing at 72, signaling “Greed.”
Crypto Fear & Greed Index as of October 15 | Source: Alternative.me
Market sentiment remains high. May signal some minor corrections to come before approaching the expected late-2021 high of $100,000.
Today’s altcoin market featured Chiliz (CHZ), the blockchain network behind the Socios.com fan engagement platform. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.243 on September 29, the price of CHZ spiked 171% to a daily high at $0.657 on October 31, and recent developments are now pushing the price back towards the swing high.
CHZ/USD 4-hour chart | Source: TradingView
The development that kicked off the current rally was the rollout of the platform’s first live, in-game NFT drop, which took place in a match between A.C. Milan and A.S. Roma. Another reason for the building momentum of CHZ has been the addition of new exchange listings and its newly released fan tokens for clubs like São Paulo FC, AC Milan, and Manchester City.
The overall crypto market capitalization stands at $2.862 trillion, and Bitcoin Dominance is at 43.3%.
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