Ether, the cryptocurrency tied to the ethereum blockchain and the second most valuable cryptocurrency, fell more than 8.10 percent to $4,351 per coin. Ether has been trading near its all-time high, catching up with bitcoin’s rise and benefiting from reports of increased blockchain adoption worldwide.
According to CoinDesk, the price of Dogecoin dropped by more than 5.70 percent to $0.2493, while the price of Shiba Inu dropped by more than 3.70 percent to $0.000051. Over the previous 24 hours, the performance of other cryptocurrencies including as Litecoin, XRP, Polkadot, Uniswap, Stellar, Cardano, and Solana has also seen reductions in trade volume.
The Bitcoin blockchain, on the other hand, received a significant upgrade on Sunday that allows it to handle more complicated transactions, potentially expanding the virtual currency’s application space and making it slightly viable with Ethereum when it comes to executing smart contracts.
Since the SegWit (Segregated Witness) block capacity modification in 2017, this enhancement, known as Taproot, has been the most important change to the bitcoin protocol since that change. SegWit effectively enhanced the number of transactions that could fit into a single block by separating information about signatures from bitcoin transactions and putting it into a separate block.
Since its inception in 2009, bitcoin has been a volatile asset, with the most popular digital token plunging under $30,000 in June despite accusations of its energy use and China’s onslaught on cryptocurrency. As the cryptocurrency industry adapted to China’s broadsides, the market began to rebound to a certain extent.