Kraken analyzes some factors that make the price trend on the chart bearish. When the first cryptocurrency BITCOIN Future ETF. Which is based in the United States, the price of Bitcoin immediately jumped up to more than 40 percent. With the demands for DeFi and NFT protocols surging, Ethereum hit new highs. While overall interest is low, NFT continues to grow little by little in the field.
Kraken is among the top cryptocurrency exchanges that reveal many factors. causing the prices of this most popular cryptocurrency and other altcoins to reach new heights. After a ride, Bitcoin’s price soared significantly in the last month, setting a new record highest level.
Based on the scenario, the intelligence team that runs the exchange studies an array of on-chain indicators such as capital flows and technical indicators. This indicator demonstrates how certain altcoins can perform better than the one designed by Satoshi Nakamoto in the coming few years.
US Securities and Exchange Commission has Approved
Bitcoin futures ETF Before this event, the United States witnessed its first cryptocurrency exchange-traded fund (ETF). ProShares Strategy received a green signal from the US Securities and Exchange Commission (SEC). Thus, ProShares BTC ETF contracts are legitimate and can trade on traditional markets.
According to the information shared by Kraken It was noted that the very first BTC ETF (BITO). quickly became one of the most well-known ETFs within the United States. It is worth noting that it was the case in the initial two days following its launch. The fund was a huge success. The fund was the most popular.
It gaining significant traction and became the most rapid financial instrument to achieve one billion dollars in assets under management (AUM). Kraken notes that the launch of products for financial transactions that are encrypted has helped push the Bitcoin price by 40%.
Kraken Observing That Ethereum Began To Reach The Top
Ethereum cryptocurrency in the last month. According to market capitalization, it is the second most well-liked and largest of all cryptocurrency coins. Kraken analyzes some factors that the cost of Ethereum has surpassed record levels. The demand to use its platform has increased to its highest in just six weeks. In this instance, the transaction fee increases to $51 for each transaction.
Based on reports, the highest amount can be attributed to booming demand for decentralised financial protocols (DeFi), the moderate amount of non-fungible currency (NFT) activity, and the huge demand for memetic coins such as DOGE as well as SHIB.
On the other hand, Ether also used an Altair update that was able to help Ether advance and transition fully towards Proof of Stake (PoS). Kraken’s Kraken security team, this update creates the foundation for a “shard chain”, increasing the network’s capacity.
NFT Evolution Continue
In the last few years over the last few years, the NFT has been expanding rapidly. Since the beginning of the year, the entire sector has grown at a rapid rate. Kraken analyzes some factors in the industry. Despite a lack of overall market sentiment, innovations development, sales and research within the sector. Were in the process of being developed Uptober this year.
To back up this claim to prove this claim, the exchange claims that the volume of trades at OpenSea has decreased by 50 percent. But, in the last month, Yield Guild Games announced that they’d commit to buying $1 million worth of NFT. From the upcoming blockchain-based game Star Atlas. In addition, Solana Monkey Business (SMB) NFT tokens went for record-breaking 2 million dollars. While rare Pepe NFT token sold at US$3.6 million.
This Industry Uses Meme Currencies to Make Money
During March, the principal value and position dominant digital assets, Bitcoin and Ethernet Fong, have shown remarkable growth. But, in addition to the massive investments, Dog Food Coin is getting attention from the market. Surprisingly, the bullish rise fueled by the entrepreneur Elon Musk could become violent. At the end of Uptober and into the end of October, several meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE), performed quite well.