• Coins
    • Bitcoin
    • Dogecoin
    • Ethereum
    • Litecoin
    • Ripple
    • Tron
    • NFT
  • Cryptonews
  • Blockchain
  • Metaverse
  • Regulation
  • Market Cap
What's Hot

Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why

02/04/2023

Top 10 most famous computer programmers of all time

02/04/2023

Aptos soars, and Orbeon Protocol is expected for 6000% gains

02/04/2023

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

Facebook Twitter Instagram
Trending
  • Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why
  • Top 10 most famous computer programmers of all time
  • Aptos soars, and Orbeon Protocol is expected for 6000% gains
  • Zuckerberg Still Big on the Metaverse
  • Lodestar announces the mega launch of v1.4.0
  • Voyager victim calls for trustee to seize control of the estate
  • Cosmos, Chainlink, and Orbeon Protocol
  • Top 5 NFTs Under 1 ETH To Buy in February 2023
Facebook Twitter Instagram
Center Crypto NewsCenter Crypto News
Demo
  • Coins
    1. Bitcoin
    2. Dogecoin
    3. Ethereum
    4. Litecoin
    5. Ripple
    6. Tron
    7. NFT
    8. View All

    Crypto Market Still Reeling As Bitcoin’s Break Above $24,000 Triggers Liquidations

    02/02/2023

    Bitcoin Short-Term Holder Profit Taking Reaches Levels Not Seen Since Nov. 2021

    02/02/2023

    Can Bitcoin (BTC) continue the bullish rally for the entire 2023?

    02/02/2023

    FED To Put Off Interest Rate Hikes, Bitcoin Rallies: Here’s Why

    02/02/2023

    Will DOGE reach $1 in 2023?

    01/31/2023

    Will Dogecoin (DOGE) break the long-term support of $0.05?

    12/19/2022

    Dogecoin surges 9%; Will DOGE outperform other altcoins?

    11/29/2022

    Dogecoin (DOGE) takes support from the 200 EMA curve!

    11/21/2022

    Ethereum price claims for $1.8K mark: Will ETH win?

    02/03/2023

    Total Ethereum Staked On Lido Finance Reaches New Milestone

    02/01/2023

    Ethereum Hovers Above $1,600, What’s The Next Move?

    01/26/2023

    Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

    01/25/2023

    LTC is all set to surpass the $100 mark!

    01/31/2023

    Can Litecoin (LTC) surpass the $82 mark in the third attempt?

    01/12/2023

    Litecoin (LTC) outperforms its peers and showcases huge potential!

    01/04/2023

    Litecoin lacks a buying spree; Support remains relatively stronger

    12/08/2022

    SEC settles on security claim in LBRY case; community calls it a big win for crypto

    01/31/2023

    New Ripple president says her job is to continue to scale amid crypto winter

    01/27/2023

    Circle, Ripple reflect on Davos 2023

    01/26/2023

    Ripple, Binance impersonators target XRP holders via fake staking program

    01/25/2023

    Is it time for a long position in TRX?

    02/01/2023

    TRON spikes 5% today: Can TRX breakout continue?

    01/09/2023

    TRON is likely to regain its previous support of $0.06

    12/15/2022

    TRON (TRX) price plunge may be on the horizon

    12/08/2022

    Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why

    02/04/2023

    Top 5 NFTs Under 1 ETH To Buy in February 2023

    02/03/2023

    Yuga Labs Founder Steps Down From Operations For This Reason

    02/02/2023

    5 Newly Launched NFT Projects That May Skyrocket Next

    02/02/2023

    Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why

    02/04/2023

    Top 10 most famous computer programmers of all time

    02/04/2023

    Aptos soars, and Orbeon Protocol is expected for 6000% gains

    02/04/2023

    Zuckerberg Still Big on the Metaverse

    02/03/2023
  • Cryptonews

    Aptos soars, and Orbeon Protocol is expected for 6000% gains

    02/04/2023

    Cosmos, Chainlink, and Orbeon Protocol

    02/03/2023

    Binance Coin, Helium, and Orbeon Protocol lead market gains

    02/03/2023

    Crypto goes without any mention in the 2023 Union Budget

    02/02/2023

    ENS Domains can now be accessed via OVER’s Marketplace

    02/01/2023
  • Blockchain

    Lodestar announces the mega launch of v1.4.0

    02/03/2023

    KardiaChain partners with Vibranium Audits & revolutionizes dApp

    02/02/2023

    Djed goes live on Mainnet, beginning a new era of stablecoins

    02/01/2023

    Aave deploys V3 on Ethereum mainnet to mitigate user risk

    01/30/2023

    COTI makes an invaluable contribution to the boosting of Djed

    01/30/2023
  • Metaverse

    Top 10 most famous computer programmers of all time

    02/04/2023

    Zuckerberg Still Big on the Metaverse

    02/03/2023

    Affyn Reveals New Cities for NEXUS World Metaverse

    02/02/2023

    Preserving and reinventing music festival legacy in the metaverse

    02/02/2023

    Meta CEO Zuckerberg steadfast on metaverse plans despite $13.7B setback

    02/02/2023
  • Regulation

    Voyager victim calls for trustee to seize control of the estate

    02/03/2023

    US lawmakers renew request for answers from Silvergate on FTX: Report

    02/01/2023

    Panama’s Supreme Court to rule on cryptocurrency legislation

    01/30/2023

    CFTC’s Johnson urges Congress to expand commission’s crypto oversight powers

    01/28/2023

    Genesis sues Roger Ver for $20M over unsettled crypto options trades

    01/26/2023
  • Market Cap
Center Crypto NewsCenter Crypto News
Home»Coins»Ethereum»Analyst Explains Why Ethereum Is Bullish Against Bitcoin
Ethereum

Analyst Explains Why Ethereum Is Bullish Against Bitcoin

By 12/28/2022No Comments14 Views
Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email


An analyst has explained that the absence of miners on the Ethereum network could be bullish for the ETHBTC ratio.

Miners Provide A Persistent Selling Pressure On Bitcoin

As explained in a tweet by Tom Dunleavy, a Messari research analyst, BTC miners sell almost all the coins they mine. The below chart contains data about the top ten public Bitcoin mining companies, displaying information such as how much each of them mined this year, the amounts that they sold, and the size of their current holdings:

Looks like Marathon is holding the largest reserve right now | Source: Tom Dunleavy on Twitter

In total, the ten largest mining companies in the space mined a collective 40.7 BTC this year and sold 40.3 BTC. This means that they roughly dumped the entire supply that they mined in 2022 and in the process, applied constant selling pressure on the network.

Earlier in the year, Ethereum successfully transitioned to a Proof-of-Stake (PoS) consensus mechanism, which means the blockchain no longer uses miners for handling transactions, and rather uses stakers (investors that have locked 32 ETH in the PoS contract) to act as validating nodes.

In a Proof-of-Work (PoW) system, miners compete with each other using large amounts of computing power. Therefore, many expenses are involved in getting up their facilities, but one cost, in particular, stays with them as long as they continue to operate: the electricity bills. It is because of these electricity bills that miners have to continuously sell what they mine to keep their business sustainable.

Some miners try to hold onto their reserves for as long as possible, like Marathon, and Hut8 can be seen doing in the chart. Still, in a market like right now, where electricity prices have shot up while the BTC price has plummeted due to the bear, margins are fine for the already debt-ridden public miners, and thus most of them can’t afford to accumulate.

In the case of a PoS chain, however, stakers don’t incur such expenses and thus don’t have any particular need to sell the rewards they earn while staking. This implies that the type of selling pressure that miners put on Bitcoin isn’t present on the Ethereum blockchain.

The analyst believes that this fact provides a good thesis to be bullish on the ETHBTC ratio.

Ethereum Price

At the time of writing, ETH is trading around $1,200, down 1% in the last week.

Ethereum Price Chart

The value of the crypto doesn't seem to have moved much during the last few days | Source: ETHUSD on TradingView

Featured image from Pierre Borthiry – Peiobty on Unsplash.com, chart from TradingView.com

Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email

Related Posts

Ethereum price claims for $1.8K mark: Will ETH win?

02/03/2023

Total Ethereum Staked On Lido Finance Reaches New Milestone

02/01/2023

Ethereum Hovers Above $1,600, What’s The Next Move?

01/26/2023

Leave A Reply Cancel Reply

Top Posts
Cryptonews

Aptos soars, and Orbeon Protocol is expected for 6000% gains

02/04/2023
Cryptonews

Cosmos, Chainlink, and Orbeon Protocol

02/03/2023
Cryptonews

Binance Coin, Helium, and Orbeon Protocol lead market gains

02/03/2023

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

Advertisement
Demo
Stay In Touch
  • Facebook
  • Twitter
  • Pinterest
  • Instagram
  • YouTube
  • Vimeo

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Mastercard’s NFT leader Resignation letter Goes Viral; Here’s Why

02/04/2023

Top 10 most famous computer programmers of all time

02/04/2023

Aptos soars, and Orbeon Protocol is expected for 6000% gains

02/04/2023
Get Informed

Subscribe to Updates

Get the latest Hot news from Center Crypto about Bitcoin, Altcoin, NFT, Market Updates Etc

© 2023 ThemeSphere. Designed by ThemeSphere.
  • Terms & Conditions
  • Contact
  • Privacy Policy
  • DMCA

Type above and press Enter to search. Press Esc to cancel.