ETH, ADA Booms After Hard Fork. Will Taproot Make Bitcoin to Skyrocket?

ETH, ADA Booms After Hard Fork. Will Taproot Make Bitcoin to Skyrocket?
  • The price of ADA and ETH showed bullish after the recent hard fork.
  • Crypto users wonder whether the price of BTC will increase after Taproot.
  • There is a high possibility that Bitcoin will surge to the $100,000 price mark.

The Wolf Of All Streets made a recent tweet comparing the price surge of Bitcoin (BTC) with Cardano (ADA) and Ethereum (ETH). The tweet indicates that the price of ADA and ETH showed bullish after the recent hard fork and its announcement. Likewise, will the price of BTC increase after Taproot?

Recently, much-hyped and controversial Ethereum’s London hard fork has been activated. Notably, the hard fork has rolled out five new ETH Improvement Proposals (EIPs). In detail, EIPs 1559, 3554, 3529, 3198, 3541 are code upgrades that aim on improving the user experience of Ethereum’s network. 

Moreover, the upgrade has made the price of ETH to move bullish. To be specific, the ETH price has soared over 26% in two weeks from $2,535 after the hard fork. According to CoinGecko, the ETH price is at 3,226, at the time of writing.

Likewise, Cardano (ADA) Alonzo upgrade date is announced as September 12, 2021, by Blockchain’s Chief Developer. In addition, the functionality of the Smart contract will enhance Cardano to allow more applications like decentralized finance (DeFi) for automated digital asset lending and trading.

After the announcement of the upgrade date, the ADA price surged over 50% in a week. As per CoinGecko, the ADA price is at $2.12 with a 24-hour trading volume of $4,004,553,088, at the time of writing. 

These incidents make everyone think: Will Bitcoin Surge as Taproot Initiates?  There is a high possibility of BTC moving towards its all-time high price. Many may wonder ‘What is Taproot?’. Here is the answer, Taproot is a network upgrade on Bitcoin, which is slated for November 2021.

The upgrade enables the overall network usability by making cheaper, faster transactions. Added to this, the upgrade also enhances the deployment of smart contracts gradually. Even more, Taproot introduces significant privacy promises. This framework is inspired by the security-focused crypto offerings present. Therefore, moving BTC nearer to a few of the privacy-based coins, at least from a design point of view. 

Crypto Enthusiast Allyson comments on The Wolf Of All Streets tweet, 

“I expect a fall to $45k, retest the broken resistance Then a move to $74k Then a pullback to $65k, then $89k – $144k before a major correction to $74k.”

According to CoinGecko, the BTC price is at $46,301.86 with a 24-hour trading volume of $34,821,443,936, at the time of writing. 

BTC/USDT Price Chart (Source: Trading View)

There is a high possibility that Bitcoin will surge to the $100,000 price mark. All in all, Bitcoin’s position and holding are further going strong. Especially since the crypto market has reached $2 trillion. 

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.