Kraken noted some factors that caused a boom in crypto

  • Kraken noted some key points that made Uptober bullish
  • Bitcoin price surged over 40% after the first crypto ETF in the US was launched
  • Ethereum saw new highs as the demand for DeFi protocols and NFTs skyrocketed
  • NFTs continued to evolve in the industry despite of softness in overall interest

Kraken, one of the leading crypto assets exchanges, noted some of the factors that lead the flagship cryptocurrency and other altcoin’s prices to achieve new highs. After a roller coaster ride, bitcoin price has notably performed tremendously to acquire a new all-time high last month. Following the scenario, the intelligence team of the exchange platform analyzed a huge count of on-chain metrics, fund flows, and several technical indicators that signaled how some of the altcoins outperformed the coin designed by Satoshi Nakamoto over the upcoming years.

US SEC approves BTC future-based ETFs

This Uptober, the United States witnessed its first cryptocurrency exchange-traded fund (ETF). ProShares received a green signal from the United States Securities and Exchange Commission (SEC). Hence, the ProShares BTC ETF contracts are live and being traded in the traditional markets. According to the report shared by Kraken, it is observed that the first BTC ETF (BITO) rapidly became one of the most sought-after funds in the nation. Notably, within the first two days of the fund’s launch, it gained a lot of traction to become the fastest financial instrument to reach $1 billion in assets under management (AUM). Kraken noted that the launch of the crypto-financial product propelled the Bitcoin price to more than 40%.

Kraken notes Ethereum booming

Last month, Ethereum, the second most popular and the second-largest cryptocurrency in terms of market capitalization, skyrocketed. Kraken noted that Ethereum’s price hit a new all-time high, and its network demand also surged to a six-week high. Following the scenario, the transaction cost surged to $51 per transaction. It is observed that the highs came amid robust demand from the decentralized finance (DeFi) protocols, modest activities in Non-Fungible Tokens (NFTs), and high demand for meme-coins like DOGE and SHIB.

On the other hand, the network also implemented the Altair upgrade, which helped Ether move a step ahead to become a complete transition to Proof-of-Stake (PoS). According to Kraken’s Intelligence team, the upgrade sets the table for “shard chains” that expands the network’s capacity.

NFTs evolution continued this Uptober

NFTs have been in a craze over the last few years. However, since the beginning of this year, the entire industry has grown at a tremendous pace. According to Kraken, the industry’s innovation, development, and sales persisted last Uptober, despite of softness in overall market interest. To evidence the statement, the exchange noted that the volume on OpenSea fell by 50%. However, last month, Yield Guild Games announced they would commit $1 million in purchases of NFTs from the upcoming blockchain game Star Atlas. Furthermore, a Solana Monkey Business (SMB) NFT token was sold for a record $2 million, and a Rare Pepe NFT sold for $3.6 million.

Meme coins were dominating the industry

Last month, major digital assets like Bitcoin and Ethereum saw significant growth in their price and value. However, besides the substantial investments, the darling dog coins also received interest from the market. The bullish rally sparked by entrepreneur Elon Musk was never expected to get tempestuous. By the end of Uptober, some of the meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE), outperformed.

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