Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,088 trillion. Bitcoin is up by almost 3% after a week of recovery. Ethereum increased by roughly 7% after seven productive days. XRP is up by almost 43% this week. Most altcoins are trading in the green, with very few exceptions. The DeFi sector added over $3.5 billion to the Total Value Locked in…
As major blockchain platforms are seeing upgrades, major cryptos are surging on a wave of trader enthusiasm. Bitcoin is surging to all-time highs, breaking $67,000. However, altcoins are doing even better. Ether has reached an all-time high of $4,841 following a network upgrade.
Ethereum’s Altair Upgrade
Its main advantage is that it powers the Ethereum network, a blockchain platform for smart contracts. The Ethereum network is also used in the majority of NFT trading. Recently, Ether was surging due to the Altair upgrade to Ethereum’s Beacon Chain phase. The upgrade is bringing the Ethereum network one step closer to Ethereum 2.0.
By working on a proof of stake (PoS) model, Ethereum will need much less energy to validate transactions. Thus, the upgrade will reduce its cost for users and its environmental impact.
Solana’s Pivot to Mobile
However, Ether is not safe from competition either. Since 2021, its main competitor Solana has increased 17,500%, from $1.5 to $250. Now, Solana is finding another way to eat at Ethereum’s userbase. Namely, the shift is happening in the NFT space.
Unlike Ethereum, Solana already functions on a proof of stake blockchain. Thus, it can offer much lower gas fees to artists and collectors alike.
Now, users will be able to use the “Ethereum killer” on mobile. Specifically, the Phantom Wallet is releasing a mobile app. Phantom is the most popular wallet in the Solana ecosystem.
Earlier, Solrise Finance launched its Solflare mobile app for decentralized fund management on Solana.
Bitcoin’s Taproot Upgrade
Perhaps even most significantly, Bitcoin is getting an upgrade as well. The crypto community is gearing the Taproot upgrade – its first update in four years. The Taproot upgrade will enable Bitcoin to support more intelligent contract operations. It will also enable better privacy measures and reduce fees for complex wallet transactions.
Specifically, the upgrade will allow users to mask smart contracts as regular Bitcoin transactions. While Bitcoin will likely still trail behind Ethereum and Solana in functionality, the upgrade may still significantly affect its price.
The last time Bitcoin saw a major network upgrade; the price jumped almost 50%. However, most investors don’t expect as big of a reaction this time. Still, upgrades to the significant crypto networks make traders more confident that the prices will go up further. As crypto gets more use cases, adoption and demand are likely to go up.