Cryptocurrency prices today plunged Bitcoin trading below $63,000 mark. The world’s most popular and largest cryptocurrency by market capitalization plunged over 6% $62,054. Bitcoin, which recently hit record high of around $69,000, is up over 114% this year (year-to-date or YTD) so far.
Ether, the coin linked to ethereum blockchain and the second largest crypto, also declined more than 6% to $4,400. Ether has been trading around an all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
Dogecoin price fell over 4% to at $0.25 whereas Shiba Inu tumbled over 2% to $0.000051, as per CoinDesk. The performance of other cryptocurrencies like Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, Solana also were trading with cuts over the last 24 hours.
Meanwhile, Bitcoin went through a major upgrade on Sunday that enables its blockchain to execute more complex transactions, potentially widening the virtual currency’s use cases and making it a little more competitive with Ethereum for processing smart contracts.
The enhancement, called Taproot, is the most significant change to the bitcoin protocol since the SegWit (Segregated Witness) block capacity change in 2017. SegWit effectively increased the amount of transactions that could fit into a block by pulling data on signatures from bitcoin transactions.
Bitcoin’s ride has been volatile as the most popular digital token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides.
(With inputs from agencies)
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