{"id":289777,"date":"2023-02-10T04:00:35","date_gmt":"2023-02-09T22:30:35","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=289777"},"modified":"2023-02-10T09:03:07","modified_gmt":"2023-02-10T03:33:07","slug":"bitcoin-btc-will-increasing-taproot-adoption-boost-prices","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-btc-will-increasing-taproot-adoption-boost-prices\/","title":{"rendered":"Bitcoin [BTC]: Will increasing Taproot adoption boost prices?"},"content":{"rendered":"<ul>\n<li><em>Bitcoin Taproot adoption boomed as there was a 5% increase.<\/em><\/li>\n<li><em>\u00a0Miners faced the heat as selling pressure increased.<\/em><\/li>\n<\/ul>\n<p>The recent increase in Bitcoin [BTC] Taproot adoption gave hope to holders. Notably, on 9 February, the adoption rate of Bitcoin&#8217;s Taproot had surpassed 5%. This increase in Taproot adoption, combined with other key metrics, suggested a positive outlook for Bitcoin.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin Taproot adoption has breached 5% for the first time ever\ud83d\udc40 <a href=\"https:\/\/t.co\/lxezIbkObj\">pic.twitter.com\/lxezIbkObj<\/a><\/p>\n<p>&mdash; Will (@WClemente) <a href=\"https:\/\/twitter.com\/WClemente\/status\/1623411902880833536?ref_src=twsrc%5Etfw\">February 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the <a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\">Bitcoin Profit Calculator<\/a><\/p>\n<hr \/>\n<p>Taproot is an upgrade to improve the privacy, scalability, and security of <a href=\"http:\/\/ambcrypto.com\/bitcoin-evaluating-if-its-the-right-time-to-enter-the-btc-market\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a>. It introduced new signature schemes and a flexible transaction structure, making transactions more efficient and private. The growing adoption of Bitcoin Taproot could improve the possibility of BTC growing its presence soon.<\/p>\n<p>Another positive for Bitcoin during this period was the number of non-zero addresses on the Bitcoin network. These addresses reached an all-time high of 43.8 million, according to data provided by Glassnode. The high number of active addresses suggested that more people were using and holding onto their Bitcoin.<\/p>\n<figure id=\"attachment_289782\" aria-describedby=\"caption-attachment-289782\" style=\"width: 2400px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK.jpeg\"><img decoding=\"async\" class=\"size-full wp-image-289782\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK.jpeg\" alt=\"\" width=\"2400\" height=\"1200\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK.jpeg 2400w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK-300x150.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK-1024x512.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK-768x384.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK-1536x768.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/FofMQE7XsAApXVK-2048x1024.jpeg 2048w\" sizes=\"(max-width: 2400px) 100vw, 2400px\" \/><\/a><figcaption id=\"caption-attachment-289782\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>There was also a decrease in selling pressure observed.<\/p>\n<p>According to data from CryptoQuant, exchange reserves have declined over the past week. The decrease in exchange reserves indicated lower selling pressure, which was a positive sign for the market.<\/p>\n<p>However, one factor that could increase selling pressure was miner behavior. Miners could sell their holdings if they were facing declining balances and decreased revenue. According to Glassnode&#8217;s data, the miner balance declined materially over the past month, reaching a one-month low of 1.8 million at press time.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcc9 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Miners&#39; Balance just reached a 1-month low of 1,822,891.794<\/p>\n<p>Previous 1-month low of 1,823,291.941 was observed on 23 January 2023<\/p>\n<p>View metric:<a href=\"https:\/\/t.co\/cHhwgaCLee\">https:\/\/t.co\/cHhwgaCLee<\/a> <a href=\"https:\/\/t.co\/8St5jRDkr9\">pic.twitter.com\/8St5jRDkr9<\/a><\/p>\n<p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1623505884390256640?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<h3>Looking on chain<\/h3>\n<p>If the miner revenue continued to fall, the miners would be forced to sell their BTC to be profitable. Another factor that would increase the selling pressure on miners would be the declining revenue generated by them.<\/p>\n<figure id=\"attachment_289788\" aria-describedby=\"caption-attachment-289788\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5.png\"><img decoding=\"async\" class=\"size-full wp-image-289788\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/glassnode-studio_bitcoin-total-miner-revenue-btc-all-miners-5-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-289788\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>However, the declining MVRV ratio of <a href=\"http:\/\/ambcrypto.com\/nft-transaction-sends-biggest-shock-on-bitcoin-network-in-recent-history\/\" target=\"_blank\" rel=\"noopener\">Bitcoin<\/a> suggested that BTC holders won&#8217;t be selling their positions soon. A decline in the MVRV ratio suggested that fewer BTC holders could make a profit if they sold their positions.<\/p>\n<p>Even though most addresses holding BTC are short-term investors, as suggested by the negative long\/short ratio, it appeared that all the investors were willing to wait to sell their holdings for a profit.<\/p>\n<figure id=\"attachment_289792\" aria-describedby=\"caption-attachment-289792\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-289792\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Bitcoin-BTC-15.50.18-09-Feb-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-289792\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">How much is <a href=\"http:\/\/ambcrypto.com\/convert\" target=\"_blank\" rel=\"noopener\">1,10,100 BTC worth today<\/a>?<\/p>\n<hr \/>\n<p>During this period, the Open Interest for Bitcoin also increased. As Open Interest increased, it indicated more liquidity and attention coming to the Bitcoin derivatives market. However, an increased Open Interest also brought with it extra volatility.<\/p>\n<figure id=\"attachment_289796\" aria-describedby=\"caption-attachment-289796\" style=\"width: 1094px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM.png\"><img decoding=\"async\" class=\"size-full wp-image-289796\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM.png\" alt=\"\" width=\"1094\" height=\"472\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM.png 1094w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM-1024x442.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/02\/Screenshot-2023-02-09-at-3.52.08-PM-768x331.png 768w\" sizes=\"(max-width: 1094px) 100vw, 1094px\" \/><\/a><figcaption id=\"caption-attachment-289796\" class=\"wp-caption-text\">Source: Crypto Quant<\/figcaption><\/figure>\n<p>With factors both for and against it, only time will tell which direction BTC will go in the future.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Taproot adoption boomed as there was a 5% increase. \u00a0Miners faced the heat as selling pressure increased. The recent increase in Bitcoin [BTC] Taproot adoption gave hope to holders. Notably, on 9 February, the adoption rate of Bitcoin&#8217;s Taproot had surpassed 5%. This increase in Taproot adoption, combined with other key metrics, suggested a<a href=\"https:\/\/ambcrypto.com\/bitcoin-btc-will-increasing-taproot-adoption-boost-prices\/\">Continue reading <span class=\"sr-only\">&#8220;Bitcoin [BTC]: Will increasing Taproot adoption boost prices?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":70,"featured_media":289801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-289777","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin [BTC]: Will increasing Taproot adoption boost prices? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Bitcoin taproot adoption increases. 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