Retail money could be the reason behind Bitcoin’s recent spike

Cryptocurrency hardware pockets issuer Ledger CEO reckons it’s extra human beings trusting Bitcoin that is pushing the fee up; Glassnode confirms his suspicion.

As crypto expenses recovered after a slump last week, Pascal Gauthier, CEO of crypto wallet firm Ledger, addressed questions relating to the country of the crypto market.
In an interview conducted by CNBC at the Crypto Finance Conference in St Moritz, Switzerland, Gauthier said the situation panning out with Bitcoin (BTC) comes as no surprise. The retail style is outstanding and it’s “always the same.” He explained:

“The quantity of addresses with the minimum quantity of BTC is clearly growing compared to the range of whales. There is a profound retail fashion in all places in the world; they trust Bitcoin more and more. It’s the humans that will push the fee up.”

Recent records from on-chain market Genius provider Glassnode helps the claim. The wide variety of BTC addresses with a non-zero balance is at all-time highs.

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An insightful metric, the non-zero balance variety gives a hint of Bitcoin adoption. More addresses infer extra users are entering the Bitcoin network, a telltale sign that retail is on the march.

On altcoins, Gauthier furnished an observation of consternation about projects that have currently outperformed Bitcoin. He recommended that this 12 months ought to be a year of consolidation for some cryptocurrencies:

“Last 12 months they (cryptocurrencies) were initiatives coming into the light; this year they have to deliver in terms of applications strolling on top of these protocols.”
Gauthier said that Solana (SOL) has an intriguing price proposition for nonfungible tokens, and is in an optimistic zone to compete with Ether (ETH). While some of the top 10 protocols enjoyed wild fee speculation and price will increase in 2021, the market anticipates “good things from these protocols.”

He concluded with a steadfast rule for blockchains: “The token of a blockchain is the security of that blockchain. The greater the price of the token, the more impervious the blockchain.”

Ledger hardware pockets currently support over 50 distinct protocols. France’s first crypto unicorn, Leger will launch a crypto debit card over the next three months. It will surely tap into its crypto experience in order to compete with the likes of Mastercard, who are additionally introducing crypto-linked cards.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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