Ethereum miners hoarding ether has reached an all-time high, indicating renewed faith in the project.
According to data compiled by crypto market platform Santiment and reported by CoinDesk, the amount of ether held by ETH mining pools is near its all-time high of 1.69 million, originally set last October.
The increase in ether hoarding by miners since the end of last year has been steady, leading some to conclude that there is renewed confidence in the project.
Santiment founder Maksim Balashevich 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,
Despite the market price for ether falling close to 50 percent, miner balances rose from 1.54 million ETH to 1.69 million in the four months leading up to last October’s all-time high.
With the price of ether and most top cryptos experiencing a boost through the first month of 2020, Balashevich expects the last all-time high of ether hoarding to be broken shortly.
He said,
Barring major market volatility this time around, we’re likely to breach this milestone within the next few days.
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