Ethereum is Bullish as Miners are not Selling ETH and Addresses’ Activity has Gained Momentum
According to recently published data, Ethereum miners are not selling coins despite its marvelous performance over last week. But in comparison to Bitcoin, it is still underperformed.
Currently, top digital currency is exchanging hands at $13,118 after surging by more than 15% in the last seven days. While the second-largest cryptocurrency, Ethereum, is trading at $413 after increasing by 12.53% over the last one week.
Growth in new ETH Addresses
Ethereum has performed very well in the recent crypto rally, but miners are not ready to sell ETH coins. According to researchers at analytics firm Santiment, miners “aren’t selling” ETH. Moreover, a clear increase in new ETH addresses is noticed, while growth is also witnessed in pre-existing addresses. “The good news is that miners aren’t selling, and there is a big increase in new ETH addresses being created, and pre-existing addresses have shown an increase in activity,” it added.
As miners prefer to hold ETH holdings, it can pour a great effect over price value, and a potential upside is possible.
If we compare second-largest coin with the first one, it shows Ethereum underperformed as compared to Bitcoin over the last two weeks. Many other coins and few DeFi coins have also not shown a bullish behavior. It is very fundamental news for the Ethereum community that miners are not selling ETH, and Ethereum addresses’ activity is also growing.
Due to the incoming network update, ETH 2.0, the mid-term position of the coin seems bullish. By 2021, ETH 2.0 will undergo that would let the price move upward.
ETH cannot Challenge BTC
Crypto analyst Ceteris Paribus argues ETH stack is unnecessary for the Ether market. According to Paribus, Ethereum cannot compete or “challenge BTC as money.”
However, growth in DeFi protocols has again gained momentum after the crypto rally due to bullish sentiments in the cryptocurrency markets. The total DeFi locked value has reached an all-time high value as $12.43 billion is present across all DeFi protocols. As all DeFi projects are working over the Ethereum network, a great surge in coin price can occur.
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