Bitcoin rose nearly 50% in October. Kraken Intelligence stated that Bitcoin holders insisted on holding positions rather than taking profits. This move triggered a "supply shock" and led to a bull market in the Bitcoin market.
Pete Humiston, manager of Kraken Intelligence, said: “Large entities and small participants who protect the network through mining pools seem to be hoarding bitcoin.” Although the price of bitcoin had reached a historical high of $67,000 before, it includes Riot Blockchain, Bitcoin holding entities such as Marathon Digital and Hut 8 Mining did not take the opportunity to sell Bitcoin. In addition, another indicator that may prove Bitcoin's upward trend is that the number of active addresses in October increased by 10.3%, which shows that people's interest in cryptocurrencies is growing. The average daily trading volume also increased in October. D.A. Davidson analyst Christopher Brendler is optimistic about Bitcoin and the miners who hold it, saying that its earnings will see "explosive" growth. In addition to Bitcoin, Ethereum, the world's second-largest cryptocurrency, also showed an upward trend. Ethereum hit a new high last Friday; with the outbreak of altcoins such as SHIB, it has triggered a new upsurge in the market, and it has also brought an increase in the amount of Ethereum burned: the amount of Ethereum burned has reached a record high for two consecutive days. This creates a deflationary effect, which expands the increase in the economic value of ETH, thereby promoting a breakthrough in the price of Ethereum.
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