An executive at US-based crypto exchange Kraken is drawing attention to several top altcoin projects and the Bitcoin market. Kraken Product Manager, Jeremy Welch, analyzes the catalysts behind the paddling growth of these altcoin projects. Cryptocoin. com, we have compiled the details for you, let’s examine the subject together…
Jeremy Welch comments on Bitcoin and altcoin market
In a new CNBC interview, Kraken Product Manager Jeremy Welch comments on the Bitcoin and altcoin market and draws attention to recent developments. Jeremy Welch adds to his comments on the subject:
The main reasons for price changes in Bitcoin often revolve around adoption or new technical developments. And between the two, any announcement that signals a stronger market move and more adoption, like this ETF (exchange-traded fund), will affect the price.
Jeremy Welch predicts strong growth for Bitcoin, Ethereum, Polkadot
Jeremy Welch says that along with Bitcoin, other large-cap altcoins such as Ethereum (ETH) and Polkadot (DOT) predict massive growth due to technical changes made in their protocols. Jeremy Welch adds to his comments on the subject:
The fundamentals of Bitcoin are really technical changes and you can see them live. This is different from other types of money before, because you can see the changes in the currency, you can directly understand how it works. So these technical changes for Bitcoin, Ethereum, Polkadot and many other currencies are definitely one of the price drivers when there is a new launch.
Kraken Product Manager: We expect the price increase to continue
Ethereum recently launched a hard fork that includes an upgrade known as EIP-1559, which removes a small portion of ETH from circulation for every transaction on the network. Polkadot announced that it is preparing to launch Parachain auctions next month, which will essentially allow blockchains to be launched on the platform. Welch says people of all ages and backgrounds are now turning to cryptocurrencies from all over the world. Jeremy Welch adds to his comments on the subject:
We’re now seeing interest from traditional investors, and we’re getting interest from many young people as well. You’re seeing this big wave around NFTs, and again, we’re seeing this interest from all ages, all backgrounds, and all over the world. Kraken supports customers in over 170 countries. This is a worldwide phenomenon around the adoption of cryptocurrency and the excitement of this new technology. Everyone is on their feet this year… Everyone is satisfied with this new price, which exceeded $66,000. This means everyone who has invested in the past few years has soared, and while it’s hard to say exactly where BTC will land by Christmas time or the end of the year, we expect the price increase to continue.