Bitcoin BTC/USD and major coins were buoyant Sunday night as the global cryptocurrency market capitalization rose 3.66% to $2.83 trillion.
What Happened: The apex cryptocurrency rose 4.7% to $65,040.09 over 24 hours. Over a seven-day period, it has gained 5.49%.
Ethereum ETH/USD traded 3.05% higher at $4,696.61. For the week, it has risen 8.74%.
Meme cryptocurrency Dogecoin DOGE/USD was up 1.97% at $0.27. Over a seven-day period, it fell 4.73%.
Rival Shiba Inu fell 6.28% to $0.00005457. The meme coin has fallen 17.89% over the last seven days.
The top 24-hour gainers at press time, as per CoinMarketCap data, were Kadena, Helium, and Stacks.
Kadena soared 21.07% to $17.70, Helium rose 16.47% to $43.37, and Stacks gained 16.10% to $2.31.
See Also: How To Buy Ethereum (ETH)
Why It Matters: Bitcoin’s spike comes after it was reported that the network will implement the “Taproot” upgrade over the coming week, which would enhance its smart contract capabilities, privacy, and efficiency.
Colin Wu, a Bitcoin journalist, reported that Taproot could come on Nov. 14 as there are only 919 blocks left before the upgrade takes place.
According to https://t.co/wMaFu08Qor, there are only 919 blocks left before the Taproot upgrade takes effect, and it is expected to take effect on November 14. Taproot will improve the privacy and scalability of the Bitcoin network.
— Wu Blockchain (@WuBlockchain) November 8, 2021
Switzerland-based cryptocurrency storage firm Numbrs noted that Taproot implementation may be a “buy the rumor and sell the news event” pointing to the last major upgrade to the network in 2017 — SegtWit.
“The Taproot upgrade will take approximately a year to be adopted and for the community to feel its effects. The update will create a soft fork and users will need to use a new type of bitcoin address for transactions,” the company said in a note.
Ethereum hit an all-time high of $4,711 on Sunday night. This year, the cryptocurrency is surging amid interest driven by non fungible tokens, smart contracts, and decentralized finance.
This prompted reactions on cryptocurrency twitter as the buzz around Ethereum continues to build as it nears the $5,000 levels and beyond.
Will #ethereum hit $10,000 by the end of year?
— Lark Davis (@TheCryptoLark) November 7, 2021
No Way I Hope Hell Yeah
Buy more $ETH!
— The Moon (@TheMoonCarl) November 7, 2021
An Ethereum exchange-traded fund is likely to be approved before spot Bitcoin spot fund gets the green signal from U.S. regulators, reported Bloomberg.
The interest in Shiba Inu, an Ethereum token, is growing even more rapidly as it now has more followers on Twitter than Ethereum.
ICYMI: #Shib has surpassed #Ethereum in Twitter followers! pic.twitter.com/tsDA9ZczXq
— Watcher.Guru (@WatcherGuru) November 7, 2021
Read Next: Quantitative Analyst PlanB Predicts Bitcoin Price May Increase By 700% by 2022
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