Again, miners sell more BTC than they mine, and ETH commissions surpassed BTC ones
Again, miners sell more BTC than they mine
After the halving of the block reward, miners have to sell more coins than they can earn, according to a report by Arcane Research.
The company uses the Miner’s Rolling Inventory (MRI) metric, which tracks the number of coins generated and moved by miners. If the figure is above 100%, then they sell more BTC than they mine.
In March, the MRI reached 105%, then began to decline and fell below 100% on the verge of halving. Immediately after the event, the indicator began to grow and now has again reached the level of 105%. According to Arcane Research analysts, this indicates a change in the mood of miners after halving.
Commission fees at ETH have surpassed BTC
Ethereum network activity continues to grow: last Saturday, daily transaction fees exceeded Bitcoin levels. According to Glassnode, for the ETH network, the figure was $498 thousand against $ 308 thousand for BTC.
Analysts attribute this to the growing demand for transfers in Ethereum. In addition, recently the capitalization of stablecoins has been growing, the bulk of which operates on the ETH blockchain.
Earlier, the founder of Mythos Capital, Ryan Sean Adams, noted that there is a direct correlation between commission fees and the price of Ethereum. If the trend continues, then we can expect a growth of cryptocurrency price.
What altcoins will surge in price along with Bitcoin?
Simon Dedik, co-founder of the Blockfyre analytical portal, shared his opinion. He noted that in 2017, during the rally of Bitcoin price, almost all altcoins went up in price.
In the next cycle, this situation will not happen again, and only the most important altcoins for the crypto industry will surge in price. These, according to the analyst, include Ethereum, Litecoin and XRP.
Not all representatives of the crypto sphere adhere to this opinion. So, TV presenter Max Kaiser said that altcoins can not compete with the first cryptocurrency in the future. A similar position was expressed by the CEO of Morgan Creek Digital Anthony Pompliano: in his opinion, all altcoins will become useless and disappear from the market.