The workforce at digital belongings agency Kraken notes that the month of October 2021 has been dubbed “UPtober” by many within the cryptocurrency markets because the Bitcoin (BTC) worth 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 workforce seems on the key elements that appeared to have led to an “upswing in BTC and different cryptos.”
Moreover, Kraken examines plenty of on-chain metrics, together with fund flows and technicals that appear to counsel that sure altcoins would possibly be capable to outperform BTC for the remainder of 2021.
A Bitcoin Boon
In October 2021, the US Securities and Alternate Fee (SEC) had authorized a number of futures-based Bitcoin ETF contracts to be used in conventional markets, the replace famous.
The primary, BITO, rapidly managed to grew to become some 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 belongings underneath administration (AUM) — which propelled BTC to a 40%+ shut,” the report added.
Ethereum’s worth 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 increase the community’s capability,” the report famous.
NFTs, Extra Please
As acknowledged within the replace from Kraken:
“NFT innovation, improvement and gross sales persevered in October regardless of softness in general market curiosity — as evidenced by day by day quantity on OpenSea falling by 50%. Yield Guild Video games introduced they’d commit $1M in purchases of NFT belongings from the upcoming blockchain recreation Star Atlas, a Solana Monkey Enterprise (SMB) NFT offered for a document $2 million and a Uncommon Pepe NFT offered for $3.6 million.”
What’s In a Meme
The report continued:
“The darling canine cash obtained renewed curiosity from the market, thanks partly to entrepreneur Elon Musk. As of month finish, DOGE, SHIB, ELON, SAMO, and HOGE have been the highest 5 greatest performing memecoins.”
For extra particulars on this replace from Kraken, verify here.