Despite the fact that the bitcoin price is depressing people’s mood generally, Bitcoin is experiencing a lot of exciting developments that will keep the price from falling too far.
Everyone’s mind is on the current bear market. Each chart and metric is full of doom and gloom. However, those who hold bitcoin long-term and support it have a lot to be happy about. A list of noteworthy developments in Bitcoin is provided below.
partisan bitcoin legislation
Republican Senator Cynthia Lummis and Democrat Senator Kristen Gillibrand introduced a bill that will probably be voted on next year (by the 118th Congress). This bill has been anticipated for a long time because it would make things less uncertain for corporate treasuries and American investors.
Thunder Finance
Recently, the Lightning Network capacity of Bitcoin reached a record-high capacity of 4,005 bitcoin, a 6 percent month-over-month increase. With the introduction of stablecoin transfers on Lightning, the world will soon be able to learn and utilize Lightning Finance (LiFi) on a larger scale. Sending stablecoins on Lightning and receiving groceries at your door or sending stablecoins and receiving both will accelerate the adoption of bitcoin. As a result of this development, the Lightning Network and LiFi may in a few years replace Visa and other payment networks.
Taproot Assistance
The Taproot upgrade was first introduced in November 2021 and approved by nodes all over the world. We currently have nodes supporting it at a rate of more than 75%. To unleash the security and innovation we need to start onboarding organizations, institutions, and governments on a larger scale, taproot addresses, signatures, and scripting are essential. Soon, we will have complete node support. An enormous development like this merits excitement.
Asset Representation Overlay for Taproot (TARO)
The Lightning Network is getting new technologies like non-fungible tokens (NFTs) and other things. There are numerous other innovations in addition to stablecoins, smart contracts, digital services, collectibles, tokenized securities, and any assets with an assigned value. Only bitcoin can be used for settlement on the bitcoin payment network. Everything that is added to or transferred over the Bitcoin base layer is settled in bitcoin. In other words, this is how we hyperbitcoinize the entire world, including all existing fiat. The majority of bitcoin exchange transactions today are settled in U.S. dollars, but with TARO, all transactions will be settled in bitcoin, including USD. It’s a sound money-based financial revolution.
The SEC’s rules
Throughout this year and most likely into the following year, the Securities and Exchange Commission will continue to enact new regulations. What makes this good? Bitcoin is considered a non-security (commodity) asset by the SEC. According to the SEC and its chair Gary Gensler, bitcoin has a clear regulatory advantage over all other cryptocurrencies.
Market dominance in BTC
There were about 2,400 cryptocurrencies in January 2020. That number increased to 4,155 in 2021. (73 percent increase). There are currently 19,930 cryptocurrencies, a startling increase of 380 percent since January of last year. Bitcoin, however, doesn’t have that problem, and its market dominance reveals where the real value is. When there were 4,155 different cryptocurrencies on the market in January 2021 with a combined market cap of $958 billion, Bitcoin held a 68 percent market share. Currently, Bitcoin has a market share of 47% compared to 19,930 other cryptocurrencies, with a $908 billion market cap overall. The market share of Bitcoin will probably be comfortably above 60% by the time of the next halving (early 2024), with a lot more cryptocurrencies and undoubtedly a bigger market cap. This demonstrates the true worth, tenacity, and power of bitcoin.
Invest and hold. The state of the market right now is transient.
