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Kraken identified several factors that contributed to the cryptocurrency boom
Kraken, one of the leading cryptocurrency asset exchanges, has identified some of the factors driving the flagship cryptocurrency and other altcoin prices to new highs. After a roller coaster ride, bitcoin's price has performed admirably to reach a new all-time high last month. Following the scenario, the exchange platform's intelligence team analysed a large number of on-chain metrics, fund flows, and several technical indicators that indicated how some altcoins outperformed Satoshi Nakamoto's coin in the coming years.
BTC FUTURE-BASED ETFS ARE APPROVED BY THE US SEC
In October, the United States saw the launch of its first cryptocurrency exchange-traded fund (ETF). The United States Securities and Exchange Commission gave ProShares a thumbs up (SEC). As a result, the ProShares BTC ETF contracts are now available for trading in traditional markets. According to the Kraken report, the first BTC ETF (BITO) quickly became one of the most sought-after funds in the country. Notably, the fund gained significant traction within the first two days of its launch, becoming the fastest financial instrument to reach $1 billion in assets under management (AUM). Kraken stated that the launch of the crypto-financial product increased the value of Bitcoin by more than 40%.
ETHEREUM IS BOOMING, SAYS KRAKEN
Ethereum, the second most popular and second-largest cryptocurrency by market capitalisation, skyrocketed last month. According to Kraken, Ethereum's price has reached a new all-time high, and network demand has also reached a six-week high. The transaction cost increased to $51 per transaction as a result of the scenario. The highs were observed to coincide with robust demand from decentralised finance (DeFi) protocols, modest activity in Non-Fungible Tokens (NFTs), and high demand for meme-coins such as DOGE and SHIB.
On the other hand, the network also implemented the Altair upgrade, which helped Ether move a step closer to becoming a complete Proof-of-Stake network (PoS). The upgrade, according to Kraken's Intelligence team, lays the groundwork for "shard chains," which expand the network's capacity.
NFTS EVOLUTION HAS CONTINUED IN OCTOBER
NFTs have become popular in recent years. However, the entire industry has grown at a breakneck pace since the beginning of this year. According to Kraken, despite a drop in overall market interest, the industry's innovation, development, and sales continued in October. To back up the claim, the exchange noted that volume on OpenSea had dropped by 50%. However, Yield Guild Games announced last month that they would commit $1 million to the purchase of NFTs from the upcoming blockchain game Star Atlas. In addition, a Solana Monkey Business (SMB) NFT token sold for a record $2 million, and a Rare Pepe NFT token sold for $3.6 million.
THE INDUSTRY WAS RUINED BY MEME COINS
Major digital assets such as Bitcoin and Ethereum saw significant price and value increases last month. However, aside from the substantial investments, the market was also interested in the darling dog coins. The bullish rally ignited by entrepreneur Elon Musk was never expected to be violent. Some meme coins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), outperformed by the end of October.
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By Crypto PiratesKraken, one of the leading cryptocurrency asset exchanges, has identified some of the factors driving the flagship cryptocurrency and other altcoin prices to new highs. After a roller coaster ride, bitcoin's price has performed admirably to reach a new all-time high last month. Following the scenario, the exchange platform's intelligence team analysed a large number of on-chain metrics, fund flows, and several technical indicators that indicated how some altcoins outperformed Satoshi Nakamoto's coin in the coming years.
BTC FUTURE-BASED ETFS ARE APPROVED BY THE US SEC
In October, the United States saw the launch of its first cryptocurrency exchange-traded fund (ETF). The United States Securities and Exchange Commission gave ProShares a thumbs up (SEC). As a result, the ProShares BTC ETF contracts are now available for trading in traditional markets. According to the Kraken report, the first BTC ETF (BITO) quickly became one of the most sought-after funds in the country. Notably, the fund gained significant traction within the first two days of its launch, becoming the fastest financial instrument to reach $1 billion in assets under management (AUM). Kraken stated that the launch of the crypto-financial product increased the value of Bitcoin by more than 40%.
ETHEREUM IS BOOMING, SAYS KRAKEN
Ethereum, the second most popular and second-largest cryptocurrency by market capitalisation, skyrocketed last month. According to Kraken, Ethereum's price has reached a new all-time high, and network demand has also reached a six-week high. The transaction cost increased to $51 per transaction as a result of the scenario. The highs were observed to coincide with robust demand from decentralised finance (DeFi) protocols, modest activity in Non-Fungible Tokens (NFTs), and high demand for meme-coins such as DOGE and SHIB.
On the other hand, the network also implemented the Altair upgrade, which helped Ether move a step closer to becoming a complete Proof-of-Stake network (PoS). The upgrade, according to Kraken's Intelligence team, lays the groundwork for "shard chains," which expand the network's capacity.
NFTS EVOLUTION HAS CONTINUED IN OCTOBER
NFTs have become popular in recent years. However, the entire industry has grown at a breakneck pace since the beginning of this year. According to Kraken, despite a drop in overall market interest, the industry's innovation, development, and sales continued in October. To back up the claim, the exchange noted that volume on OpenSea had dropped by 50%. However, Yield Guild Games announced last month that they would commit $1 million to the purchase of NFTs from the upcoming blockchain game Star Atlas. In addition, a Solana Monkey Business (SMB) NFT token sold for a record $2 million, and a Rare Pepe NFT token sold for $3.6 million.
THE INDUSTRY WAS RUINED BY MEME COINS
Major digital assets such as Bitcoin and Ethereum saw significant price and value increases last month. However, aside from the substantial investments, the market was also interested in the darling dog coins. The bullish rally ignited by entrepreneur Elon Musk was never expected to be violent. Some meme coins, such as Shiba Inu (SHIB) and Dogecoin (DOGE), outperformed by the end of October.
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