As crypto prices recover, Pascal Gauthier, the CEO of Ledger, has given his opinion regarding the state of the crypto market.
“Small Investors Drive Bitcoin Price Up”
In a interview Speaking to the CNBC, Gauthier said the current Bitcoin situation is no surprise. He also says that retailers still have a lot of faith in BTC and that it is normal people who push the price up again. He explained:
“The number of addresses with a little bit of BTC is growing. Also compared to the number of whales. There is a pervasive retail trend all over the world; people are relying more and more on Bitcoin. It is the normal investors who drive the price up.”
Recent data from Glassnode supports this statement. The number of BTC addresses with ‘more than zero BTC’ is at an all-time high. Namely at 40 million.
The number of Bitcoin addresses that have ‘more than zero tokens’ is an interesting statistic. It shows that acceptance in the world is growing. More addresses means that more and more users are entering the Bitcoin network.
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Solana can compete with Ethereum
As for altcoins, Gauthier said this year could be a period of consolidation. This is because they first have to prove whether they can really run a well-run project.
“Last year, many new crypto projects came to light. This year they have to deliver on applications that run on top of these protocols.”
Gauthier does say that Solana has a good value proposition for NFTs and is in a good place to compete with Ethereum.