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

Bitcoin BTC/USD 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 ETH/USD 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 DOGE/USD 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].”

BREAKING: First Taproot block found

Height: 709632
Hash: 0000000000000000000687bca986194dc2c1f949318629b44bb54ec0a94d8244

I’m bullish for the future of #Bitcoin

— The Moon (@TheMoonCarl) November 14, 2021

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. 

$BTC whales are moving.

It's the largest moving I've ever seen since 2017 excluding outliers.

The average TX amount skyrocketed like 5x, and it seems most big transactions didn't come from exchanges if you see the fund flow ratio.

Source https://t.co/LoQdefDm4W pic.twitter.com/6lyS0wzNGn

— Ki Young Ju 주기영 (@ki_young_ju) November 14, 2021

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. 

According to https://t.co/iAmfL4wu28, the amount of ETH burned on OpenSea has exceeded 100,000, more than $400 million. The second largest burn volume is ETH transfers, which burned more than 85,000 ETH; the third place is Uniswap V2, which burned close to 80,000 ETH. (Chainnews)

— Wu Blockchain (@WuBlockchain) November 14, 2021

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.

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