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Value of Ethereum Held by Miners Reaches Five-Year Record Levels

Peter McCormack Still Has Tether’s General Council Support in Wright Case

The world’s second most valuable cryptocurrency Ethereum has experienced long-term sustainable growth and is often tipped as the future leader of the digital currencies. Experts have already tipped Ethereum to surpass Bitcoin. Ethereum blockchain exchange has brought in continuous innovation since its innovation.

At one side the exchange is working on bringing in the Ethereum 2.0 platform. On the other hand, Ethereum has launched Ethereum burn, miners are still hyperactive in mining Ethereum. However, the amount owned by miners was dropping constantly from the year 2016. This mainly due to poor market conditions especially after the corona. As a result, the miner was forced to sell their Ether reserves at much cheaper prices in order to support their mining operations.

This trend finally changed in the beginning of the financial year 2021. The primary reason behind this was the bullish trend started by the end of the financial year 2020. The price of Ethereum started to recover. As the result, the dollar sum owned by the miners started to grow.

As of this writing, the Ether market price has touched the fiver-year peak point. Data analytics firm Sentiment recently published a report about the reserves being held by the Ether miners. The report has revealed that the currently ETH stock held by the miners sits at 532.75K ETH, these numbers are valued around $1.85 billion.

The last time Ethereum miners held this amount was in July 2016. However, as per this writing the Ethereum’s current price market value has peaked further, and these reserves have further grown. The current numbers of Ethereum reserves being held by miners are the highest ever. In addition to that miners are stockpiling their Ethereum reserves rather than selling them. This shows that miners are certain that in future Ethereum prices would go further up.

The fact of the matter is that Ethereum is constantly on the up and somehow has achieved long-term sustained growth. The current indicators have said that Ethereum is all set to touch the new record of price hikes.  The experts have predicted that Ethereum will be traded around the price level of $4,000 soon in near future.  Some financial analysts have already tipped Ether to cross $5,000 price mark, with bitcoin hitting $100K.

As of this writing, some industry experts have also voiced that its too early to predict whether Ethereum would be able to reach up to that mark set up by the people. But still Ethereum is now trading in green belt and crypto currency has caught the interest of many private and institutional investors.  It seems that Ether would continue to do so