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Ethereum outperforms Bitcoin with unexplained 5% jump in 30 minutes

Published 11/30/2022, 07:30 AM
Updated 11/30/2022, 07:48 AM
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Investing.com - The ETH/USD is doing better than the Bitcoin these last few days. Indeed, while BTC is up 2.26% over 24 hours and 1.64% over a week at the time of writing this article, Ethereum is up more than 4% since yesterday, and nearly 8% over 7 days.

Now, a significant portion of that gain was achieved in less than 30 minutes last night, as Ethereum went from $1215 to $1280 between about 00:20 GMT and 00:50 GMT, a jump of over 5%.

However, now slightly down at $1265, Ethereum still retains the bulk of last night's gains.

While the reasons for ETH's outperformance of BTC remain unclear, there is some evidence that the situation could persist, and that Ethereum could largely extend its rise.

Blockchain data suggests Ethereum's continued rise

Blockchain data analytics firm Santiment reported in a tweet yesterday that the number of active Ethereum addresses climbed to its highest level in 6 weeks on Monday, suggesting that this explains the cryptocurrency's rise.

Santiment further pointed out that the last time active ETH addresses reached such levels (October 15), the price of Ethereum rose by 30% in 3 weeks.

In another tweet published on Wednesday, Santiment pointed out that the number of Ethereum addresses containing 100 to 100,000 ETH has reached a 20-month high, suggesting an accumulation that could support the rise.

Ethereum is a scam and will eventually implode according to Klippsten

Unrelated to ETH's recent rise, there was also some particularly vehement language towards Ethereum from Cory Klippsten, CEO and founder of Swan Bitcoin, a company that offers Bitcoin and BTC savings plan services.

Speaking in an interview with Kitco News, Klippsten, who predicted the collapse of FTX suggested that Ethereum's recent transition to a proof-of-stake (PoS, or Proof of Stake) protocol, would lead the ETH network to its demise as it makes it increasingly "complicated" and politicized.

"Ethereum is a long con," he asserted, adding that "this thing is kind of broken theoretically from the beginning, trying to pack way too much functionality into a layer 1 protocol."

Furthermore, according to him, "all proof-of-stake networks are doomed from the start and can't exist in the long run," considering that PoS networks "are inherently political" and that "they're basically just fiat currency," concluding that Ethereum will be "in the end a big explosion."

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