Ethereum miner revenues have hit a two-year high of $602,139 as the price of the second-largest cryptocurrency by market capitalization has risen over 27% in the last 30 days, and 260% year-to-date.
According to cryptocurrency data source Glassnode, Ethereum miner revenues’ one-day moving average hit a two-year high above $600,000 at a time in which the price of the cryptocurrency has been steadily moving up and is threatening to move to the $500 mark.
CryptoCompare data shows that in the last 30 days the cryptocurrency’s price moved up 27.5% and that this quarter its price is up by over 100%. At press time, ether is trading at $466 after moving up over 7% in the last 24-hour period.
Other top cryptocurrencies, it’s worth noting, are also moving up. Data shows top cryptos like XRP, XLM, LINK, BCH and litecoin are all up between 2-5% in the last 24 hours. Ethereum is outperforming these likely thanks to the current interest in decentralized finance applications.
On-chain data notably suggests the cryptocurrency’s rally could keep ongoing. Exchange deposits have dropped to 17.99 million ETH, the lowest level since March 11, while exchange balances have dropped by 5% in the last four weeks, according to Glassnode.
Investors are likely moving their cryptocurrencies off exchanges as they expect prices to rise. Blockchain analytics firm Santiment tweeted out that the top 100 non-exchange address “have increased bags by +8.2% in just 35 days – a bullish sign.” This implies large holders are also betting on ETH.
On social media, several users speculated that ETH may be moving off of centralized exchanges to end up on decentralized trading platforms like Uniswap, which would mean withdrawals from centralized platforms are being made for users to enter the DeFi space.
The options market is taking advantage of the movements on the Ethereum blockchain, as crypto derivatives exchange Deribit revealed that open interest on Ethereum options spiked shortly after a recent expiration, and is now at $433 million.
Other cryptocurrency trading platform trading ether derivatives, including OKEx, are also reporting high volumes.
Featured image via Pixabay.
