The group at digital property agency Kraken notes that the month of October 2021 has been dubbed “UPtober” by many within the cryptocurrency markets because the Bitcoin (BTC) value and that of Ethereum (ETH), in addition to different main altcoins surged to new all-time highs.
Of their report, titled Up, Up and Away, the Kraken Intelligence group appears to be like on the key components that appeared to have led to an “upswing in BTC and different cryptos.”
Moreover, Kraken examines a variety of on-chain metrics, together with fund flows and technicals that appear to counsel that sure altcoins would possibly be capable of outperform BTC for the remainder of 2021.
A Bitcoin Boon
In October 2021, the US Securities and Change Fee (SEC) had authorized a number of futures-based Bitcoin ETF contracts to be used in conventional markets, the replace famous.
The primary, BITO, shortly managed to grew to become one of the “sought-after funds,” the report from Kraken added. Inside simply the primary couple days of its launch, it grew to become “the quickest ETF to succeed in $1 billion in property beneath administration (AUM) — which propelled BTC to a 40%+ shut,” the report added.
Ethereum Surging
Ethereum’s value has additionally reached new all-time highs and community demand elevated to a six-week excessive of “$51 per transaction amid sturdy demand from DeFi protocols, modest NFT exercise and excessive demand for meme cash.”
Kraken Intelligence additionally talked about that the community “applied the Altair improve, which moved it one step nearer to a full transition to Proof of Stake.” The improve “units the desk for “shard chains” that develop the community’s capability,” the report famous.
NFTs, Extra Please
As said within the replace from Kraken:
“NFT innovation, improvement and gross sales endured in October regardless of softness in general market curiosity — as evidenced by every day quantity on OpenSea falling by 50%. Yield Guild Video games introduced they’d commit $1M in purchases of NFT property from the upcoming blockchain sport Star Atlas, a Solana Monkey Enterprise (SMB) NFT offered for a report $2 million and a Uncommon Pepe NFT offered for $3.6 million.”
What’s In a Meme
The report continued:
“The darling canine cash acquired renewed curiosity from the market, thanks partially to entrepreneur Elon Musk. As of month finish, DOGE, SHIB, ELON, SAMO, and HOGE had been the highest 5 finest performing memecoins.”
For extra particulars on this replace from Kraken, test here.
