After Bitcoin (BTC) underwent the Taproot rollout, the feature is recording a spike in utilization, partly contributing to the cryptocurrency’s bullish price outlook.
In particular, as of February 16, Bitcoin’s Taproot adoption hit a new high of 13%, just a week after value stood in the single digits, data by crypto analysis platform Glassnode shared by Will Clemente, the founder of the research firm Reflexivity Research indicates
Bitcoin Taproot adoption chart. Source: Glassnode
Notably, as of February 8, the adoption stood at just 5% on a seven-day moving average (MA) for the feature that went live after an upgrade in late 2021.
Drivers behind Bitcoin Taroot adoption
It is worth pointing out that Taproot’s usage on the Bitcoin blockchain coincided with Ordinals’ increasing popularity on the network. The Ordinals protocol uses Taproot to include data in the witness portion of BTC transactions.
Ordinals enable users to attach items like images to BTC transactions, resu
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