Ethereum hoarding by miners inches close to its all-time high
- 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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
