Altcoin price action has been the talk of the town for the past two weeks — and for good reason. Since the start of 2020, altcoins like Icon (ICX), AION and WanChain (WAN) have surged more than 200%, 120% and 60% respectively, leading some analysts to suggest that a new altcoin season has begun.
Crypto market daily price chart. Source: Coin360
Now, Ether (ETH) appears to have joined the party, and since the altcoin dropped to $115.95 on Dec. 18, 2018, it has quietly rallied 90% to reach a 2020 high at $220.81 on Feb. 6.
As the crypto market rallied, the amount of Ether and locked-in decentralized finance platforms has also risen. In fact, recently released data from data provider DeFi Pulse revealed that the total value of assets locked in DeFi platforms has risen to $1.01 billion.
Currently, 3.135 million Ether are locked up in DeFi platforms, a slight decline from the Feb. 2 figure of 3.195 million.
Total Value Locked (USD) in DeFi. Source: DeFi Pulse
Since 2019, the value of assets locked up in the DeFi ecosystem has risen from $240 million to $1.01 billion, and analysts believe that the growth in popularity and number of assets staked across DeFi platforms will increase demand for Ether and support a steady rise in the altcoin’s price.
Miners are accumulating Ether
Another bullish signal for Ether is the growth in the number of miners holding Ether. Maksim Balashevich, the founder of on-chain analytics data provider Santiment, recently broke the phenomenon down by explaining that:
“Across the entire Ethereum miner ecosystem, the last three months were marked by stable and undisrupted accumulation.”
ETH Miner Balances Over Time. Source: Santiment.net
According to Balashevich, the total balance of all Ether mining pools currently stands near an all-time high of 1.69 million Ether ($300 million) and the current accumulation period leads Balashevich to believe that there are “high confidence levels in the project among the majority of block creators, at…