Kraken identified several factors that contributed to the cryptocurrency boom

<p>Kraken, one of the leading cryptocurrency asset exchanges, has identified some of the factors driving the flagship cryptocurrency and other altcoin prices to new highs. After a roller coaster ride, bitcoin's price has performed admirably to reach a new all-time high last month. Following the scenario, the exchange platform's intelligence team analysed a large number of on-chain metrics, fund flows, and several technical indicators that indicated how some altcoins outperformed Satoshi Nakamoto's coin in the coming years.</p> <p>BTC FUTURE-BASED ETFS ARE APPROVED BY THE US SEC</p> <p>In October, the United States saw the launch of its first cryptocurrency exchange-traded fund (ETF). The United States Securities and Exchange Commission gave ProShares a thumbs up (SEC). As a result, the ProShares BTC ETF contracts are now available for trading in traditional markets. According to the Kraken report, the first BTC ETF (BITO) quickly became one of the most sought-after funds in the country. Notably, the fund gained significant traction within the first two days of its launch, becoming the fastest financial instrument to reach $1 billion in assets under management (AUM). Kraken stated that the launch of the crypto-financial product increased the value of Bitcoin by more than 40%.</p> <p>ETHEREUM IS BOOMING, SAYS KRAKEN</p> <p>Ethereum, the second most popular and second-largest cryptocurrency by market capitalisation, skyrocketed last month. According to Kraken, Ethereum's price has reached a new all-time high, and network demand has also reached a six-week high. The transaction cost increased to $51 per transaction as a result of the scenario. The highs were observed to coincide with robust demand from decentralised finance (DeFi) protocols, modest activity in Non-Fungible Tokens (NFTs), and high demand for meme-coins such as DOGE and SHIB.</p> <p>On the other hand, the network also implemented the Altair upgrade, which helped Ether move a step closer to becoming a complete Proof-of-Stake network (PoS). The upgr