That drives Bitcoin, ETH, DOT and other cryptocurrencies
Kraken Product Manager, Jeremy Welch, has share His thoughts on the catalysts behind the explosive growth of some of the top crypto projects. ETH
In a new CNBC interview, Welch says the accelerating pace of adoption and technological advances are driving a resurgence of the largest cryptocurrency by market capitalization, Bitcoin.
“The main reasons that we see in the price change of Bitcoin are often due to the introduction or new technical advances. And between the two, any announcement, like an ETF that further increases the acceptance rate and signals a strong market movement, will affect the price. “
In addition to Bitcoin, Welch said that other large capitalization altcoins like Ethereum and Polkadot are seeing massive growth due to technical changes to their protocols.
“Bitcoin fundamentals are really technical changes. This is unlike any other currency before because you can see the currency’s changes and see how it behaves live.
These technical changes for Bitcoin, Ethereum, Polkadot and many other currencies are definitely one of the price drivers when there is a new start. “
Ethereum recently launched an updated hard fork called EIP-1559 that removes a small portion of ETH from circulation for every transaction on the network.
Polkadot has just announced that they will be joining on 11/11. Parachain auctions will start, which will essentially allow blockchains to be started on the platform.
Welch says that people of all ages and origins are now regulating cryptocurrencies from around the world.
“We see the interest from traditional investors and from a lot of young people. There are huge waves around the NFT and from all ages, from all walks of life and from all corners of the world. Kraken supports customers in over 170 countries. This is a worldwide crypto adoption phenomenon and revolves around the craze for this new technology.
Everything is in place this year. Everyone is satisfied with this new high price. That means everyone who has invested over the past few years is now bullish and we expect price growth to continue, although it is difficult to say exactly where BTC will land at this time.
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According to Dailyhodl