Ethereum hoarding by miners inches close to its all-time high

By February 4, 2020 Ethereum
Click here to view original web page at www.fxstreet.com
  • Though ether’s market price fell by 50%, miner balances increased from 1.54 million ETH to 1.69 million in the past four months.
  • The CEO of crypto marketing firm, Santiment, expects the last all-time high of ether hoarding to be broken soon.

According to the data by Santiment and a report by CoinDesk, the amount of ether held by ETH mining pools is close to its all-time high of 1.69 million, which was set in October 2019. Santiment is a well-known crypto market platform.

The surge in the hoarding of ether by miners since the end of 2019 has been consistent. This has led some experts to conclude that there is increasing confidence in Ethereum. Maksim Balashevich, the founder of Santiment, wrote in Spencer Noon’s monthly newsletter Substack:

The steady accumulation suggests high confidence levels in the project among the majority block creators, at the very least relative to the current market conditions.

Though the market price of ether fell by 50%, miner balances increased from 1.54 million ETH to 1.69 million in the past four months, leading up to the all-time high price. With ether’s price and other cryptocurrencies experiencing a boost in January 2020, Balashevich expects the last all-time high of ether hoarding to be broken soon.

Barring major market volatility this time around, we’re likely to breach this milestone within the next few days.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

The CEO of crypto marketing firm, […]

Leave a Reply