The combined market cap of the cryptocurrency has surpassed $3 trillion for the first time. With Bitcoin reaching an all-time high and altcoins entering previously unexplored price ranges, the overall crypto market has appreciated.
CoinGecko has announced that the combined cryptocurrency market cap has exceeded $3 trillion for the first time. According to CoinGecko, total crypto capitalization reached new highs on October 20, above its previous record of $2.62 trillion, and is up another 14.5% in less than three weeks. Despite Bitcoin's impressive price increases over the past two years, BTC's market dominance has dropped 42.8% since it hit a peak of 70.8% on September 6, 2019.
Bitcoin Market Cap Overtakes Tesla
The leading cryptocurrency Bitcoin (BTC) hit an all-time high, while its market cap also rose. Once Bitcoin reached its previous ATH, its market cap reached $1.25 trillion, thus surpassing Tesla's market cap. As you can remember from the news we published this morning, Tesla CEO Elon Musk's statement that he would sell his Tesla shares caused the company to lose value. TSLA shares fell by 7% in the NASDAQ front market. However, Bitcoin is trading at $66,000 with a daily profit of 4.2%.
The total cryptocurrency market cap has also reached a new ATH of $3 trillion, putting it above giants like Microsoft and Apple, which currently hold the 2nd and 3rd positions at the top of the assets ranked by market capitalization. Cryptocurrency market capitalization would need to quadruple to reach the top spot.
What is Bitcoin Taproot Update? The countdown has begun!
We are nearing the end of the highly anticipated Taproot update in Bitcoin. According to Nicehash.com data, there are 5 days and 3 hours left for this soft fork in Bitcoin to arrive on the network.
Eyes on the Taproot update.
What is Taproot Update?
First proposed by Bitcoin Core developer Greg Maxwell in 2018, the update was added to the code library by Pieter Wuille in October 2020.
The update is expected to provide Bitcoin with advantages in scaling, privacy and security.
It is stated that the update in question is the most important and expected update after the SegWit update in 2017.
After Taproot, smart contract flexibility in Bitcoin is expected to expand.
After the update, the Schnorr multi-signature method developed by the German mathematician and cryptographer Claus Schnorr will be integrated into Bitcoin.
This signature option will allow users to hide their identity in Bitcoin transfers.
After Taproot, transaction fees in Bitcoin are also expected to decrease.
As the countdown has begun for the Taproot update, Bitcoin has made a good start to the week.
Cryptocurrency Step From Popular Platform Discord!
According to the screenshot, the platform can connect to Ethereum.
When we checked, we saw that this link is not yet available on Discord. The screenshot probably shows a custom development environment that isn't available to the public.
Therefore, a possible use of cryptocurrencies is considered an important step.