Ethereum Addresses and Reserves Rise as the Market Struggles to Stabilize
Despite the recent volatility, Ethereum’s price has remained relatively stable. As investors anticipate the network’s upcoming massive upgrade, the coin is down 3% from the past week and 1% higher than yesterday at $1,798.21.
200 ETH Added to Reserves
According to data collected by blockchain analytics firm Santiment, miners currently hold around 920,000 ETH, worth around $1.7 billion, which they started accumulating in May 2021. During the previous sell-off in October, they held about 1.1 million ETH, which amounted to 735,000 ETH.
In the past year, eth miners added around 200,000 ETH to their reserves, worth around $360 million. While bitcoin miners are selling, eth miners held more of the coin. It could be a sign that they’re getting ready for the Proof of Stake. Miners should lock down 32 ETH per validator with a 5% APR.
Due to the decreasing number of GPU units in the market, miners may increase their holdings to secure long-term income. It could also reduce the market supply and stabilize the price of ethereum.
The bitcoin price continues to fall, with the ratio dropping to 0.059 from last winter’s 0.088. Despite this, miners are not contributing negatively to the re-pricing of the market. It’s also possible to end up with more than one million in reserves by the merge.
Despite the overall market’s unfavorable trend, one of the biggest assets in the cryptocurrency space, Ethereum, has added thousands of new addresses. According to data collected by Finbold on June 8, the network has surpassed 200 million cumulative addresses. The figure includes the 500,000 new addresses that the network added each week.
Cardano is Rising
Between 2 pm and 3 pm on Friday, 39 whale transactions were made in Cardano, with the total value reaching $1 million. The asset’s price has also risen. Today, the discussion rate is at its highest point in 17 days. The cryptocurrency is trading at $0.6467, a 5% rise.
Due to the upcoming hard fork of the Cardano network, the price of the ADA token has increased significantly. The Vasil hard fork is scheduled to take place in June. It will improve the scalability of the network.
A Massive Sell-off Threatens LTC
Several South Korean exchanges have removed the support for the cryptocurrency LTC due to the country’s strict regulations regarding the use of financial transaction information. According to Upbit, the regulations prevent money laundering and terrorist financing by requiring crypto exchanges to check the transactions of their users thoroughly. This rule also prohibits the use of anonymous transactions.
Since its high last year, LTC has lost around 85% of its value. It is currently trading at about $62.65, its lowest price since November 2020. Its market cap has also crashed to around $4.4 billion, making it one of the 20th biggest cryptocurrencies.
ETH Gas Fees Going Lower as the Merge Approaches
In April, the average gas fee in Ethereum was 54.67 gwei, and in May, it was 65.65 gwei. If the prices had not been affected by the recent gas price spike, the average cost would have been around 43.1 gwei.
In May, the average gas price grew due to the various price spikes during the month. On the other hand, the lowest and highest gas fees were also set. These prices are expected to go down even further with the upcoming merger.
However, there is a lot of doubt about the future direction of the cryptocurrency industry. Experts are divided on the expected impact of the proposed merge on the price of ethereum. Some believe it will be a game-changer for the altcoin, while others are skeptical.
The success of the merge will depend on how well it is implemented, and the potential bugs and technical issues it can create are huge factors that affect both the network and the crypto community.
