Recently, ETH/USD has performed better than Bitcoin. Indeed, at the time of writing this post, BTC is up 2.26% over the last 24 hours and 1.64% over the previous week, but Ethereum has risen by more than 4% since yesterday and over 8% over the previous seven days.
However, a sizeable portion of this increase was made last night in less than 30 minutes, as Ethereum increased by more than 5% from $1215 to $1280 between 1:20 and 1:50 CET.
Ethereum has dipped a little bit to $1,265, but it has kept most of its gains from yesterday night.
However, certain data suggest that the situation could persist and that Ethereum could significantly increase its rise if the causes of this outperformance of ETH compared to BTC remain unknown.
Blockchain data points to the continued growth of Ethereum.
The number of active Ethereum addresses reached its highest level in six weeks on Monday, according to a tweet from blockchain data analytics company Santiment, which may explain why the price of the cryptocurrency has increased.
Santiment added that the Ethereum price increased 30% in 3 weeks after the last time active ETH addresses reached such highs (October 15).
📈 #Ethereum's active addresses surged to its highest level in over 6 weeks yesterday, and that likely factored into today's price growth. On October 15th, the last time addresses spiked at this level, the price of $ETH jumped +30% over the next 3 weeks. https://t.co/8LFsUn6Thz pic.twitter.com/hDekw9Em51
— Santiment (@santimentfeed) November 29, 2022
A 20-month high in the quantity of Ethereum addresses holding 100-100,000 ETH was noted by Santiment in another tweet on Wednesday, indicating a buildup that would support the upswing.
Klippsten believes that Ethereum is a hoax that will eventually collapse.
Unrelated to Ethereum’s recent growth, Cory Klippsten, CEO and creator of Swan Bitcoin, a business that provides bitcoin buying and planning services, has made some extremely compelling remarks regarding Ethereum.
Klippsten, who foretold the demise of FTX, claimed in an interview with Kitco News that Ethereum’s recent switch to a Proof of Stake (PoS) protocol) will bring about the demise of the ETH network because it makes it more and more “complex” and political.
“This thing is kind of logically wrong from the start, attempting to squeeze much too much functionality into a layer 1 protocol,” he continued, calling Ethereum “a protracted hoax.”
Furthermore, he asserts that Ethereum will “ultimately be a great explosion” because “all proof-of-stake networks are doomed from the start and cannot function in the long run” due to the fact that PoS networks “are intrinsically political” and “they are really simply fiat currency.”