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Ethereum, increasingly "rich" miners and bullish prospects

Despite the new regulations of Ethereum introduced with the London hard fork, miners are still producing and setting aside a good amount of revenue since mining. In the panorama ETHIndeed, the balance held by miners had been declining since 2016, the main result of a series of poor market conditions and of those miners who sold their shares to finance their mining activities. With prices getting lower, the total dollar value of miners' holdings in ETH has therefore fallen almost steadily.

However, the number rose in 2021. After rally started in 2020, Ethereum price he gradually recovered. And, by extension, the dollar value of ETH shares has started to rise. The current metrics therefore show how the value of ETH held by miners has reached a maximum in five years: the last time that miners have held such a value in ETH was in 2016.

In this context, the data analysis company Sentiment has published a dossier showing the current ETH balances of the miners. According to the report, miners' ETH balances currently stand at 532,75K ETH, for a total balance of over $ 1,85 billion, at current exchange rates.

The last time the ETH miners' balances had reached this figure was in July 2016, shortly after the commissioning of the blockchain of Ethereum. The value of ETH has grown much more since the dossier was published, thus pushing the current values ​​of the balances even higher.

La recent growth of ETH contributed greatly to the increase in the value of ETH miners' balances. This, coupled with the increase in ownership sentiment among miners, has pushed the balances to record highs. But miners' balances aren't the only ones to experience a return to record levels.

The price of Ethereum in fact suffered for a long time in September, so much so that the price of the digital asset plummeted below $ 3.000, hitting the bottom near $ 2.600, a one-month low for the asset.

Now, with current recovery trends, the price of ETH is set to break a new record high. The recent breakout of ETH has placed the price of the asset well above $ 3.600. And the indicators point to the bull rally that pushes the price of the digital asset above $ 4.000. Market analysts' year-end forecasts have positioned the asset at $ 5.000, with the bitcoin which could reach $ 100.000.

It is still too early to say whether Ethereum will hit the price targets set by analysts. But the asset is now trading in an uptrend and continues to be favored among investors crypto...

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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