2021-10-08 09:26:34

Ethereum miners are hoarding Eth as prices rise

Ethereum was up close to 1% on Friday, at around US$3,600 the price is up 30% since late September

Ethereum miners are hoarding their spoils according to crypto industry data which shows that miner’s holdings of Eth are at their highest level since 2016, just after it launched.

Miners are evidently holding more in the expectation of selling at higher prices in the future.

It comes as the price of Ethereum has risen nearly 30% since the end of September.

Some 532,750 Eth worth about US$1.9bn are currently held by miners, highlighted Cointelegraph, citing data from blockchain analytics firm Santiment.

Priced at US$3,589 on Friday, Ethereum’s total market cap now stands at around US$424bn.

Ethereum was up close to 1% on Friday, meanwhile, Bitcoin was practically unchanged at US$54,825.

The Cardano crypto coin was up 2% for the day, at US$2.29.

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