Forex and Crypto News

Ethereum holders have begun accumulating cryptocurrency

18:57 05 March /2020

On March 5, a change in sentiment in the cryptocurrency market led to the fact that Bitcoin rose above the $9000 mark. Other cryptocurrencies followed Bitcoin. Ethereum broke through the $230 mark and climbed to the $232 area.

In addition to the increase in the price of Ethereum, analysts also noted the rise in the accumulation of Ethereum. The top 100 Ethereum holders have begun accumulating cryptocurrency.

A Twitter user presented a chart that shows that at the end of December, the level of accumulation was declining. And now it began to grow again. This is a positive indicator for the price of Ethereum.

  Source: Twitter

As a rule, the growth of Ethereum savings suggests that cryptocurrency holders consider it undervalued and accumulate it in their wallets until the price starts to rise. But the main question is how much time will it take for the market to respond to the growth of Ethereum accumulations in the holders' wallets. However, the increase in ETH on March 5, although related to the growth of bitcoins on the same day, may have been associated with this increase in accumulation.

In addition to the accumulation of Ethereum by holders, there is an accumulation of cryptocurrency by the main crypto exchanges. According to data provided by Token Analyst, 10 exchanges hold almost 17% of total ETH shipments.

  Source: Token Analyst

This chart shows that Huobi Global was able to accumulate 4.75 million ETH, while Binance, Bitfinex, and Kraken accumulated just over 2 million ETH. By the way, Poloniex and Kraken had the largest reserves of Ethereum before the ICO boom, but then the rest of the exchanges increased their volumes.

And since the main purchases of Ethereum by investors fall on the exchanges, this means that the exchanges have less and less accumulated Ethereum at their disposal, which means that you can expect an increase in the price of Ethereum soon.

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