Twitter CEO & Bitcoiner Jack Dorsey is Out, Ethereum Is In

Ether is also leading the market as it surpasses $4,710 today, down less than 7% from its ATH, while Bitcoin uptrends at a much slower pace to $58.7k, 16% off of its $69k high.


Bitcoin proponent Jack Dorsey stepped down from his position of Twitter’s chief executive officer on Monday.

The same day, crypto enthusiasts found that Twitter's tips button now features an Ethereum address.

Dorsey has been known for focusing only on Bitcoin and time and again clarifying that his crypto focus will only concentrate on the leading cryptocurrency alone. Now, on the day of his resignation, Ether enthusiasts got the gift of inclusion on Twitter.

However, while recognized this week, the option has been in the test-out phase since September.

The Tipping feature on Twitter is currently restricted to iOS users, but the company plans to roll out the support for the users of Android mobile devices.

The second-largest cryptocurrency, which has a market cap of $523 billion, is also showing strength and leading the market, while Bitcoin is currently struggling.

Today, Ether surged past $4,720, and as of writing, ETH is trading around $4,710, down 7% from its all-time high of $4,875 about 20 days back. On the other hand, Bitcoin is down 16% from its ATH of $69,000 hit also 20 days back, as it surged to $58,825 on Tuesday.

According to Delphi Digital, “All in all, the market doesn’t look too hot here, but taking the long view, we believe any near-term downside volatility will wind up being rather short-lived.”

Over One Million ETH Burned

117 days ago, on August 5th, the Ethereum network implemented the London hard fork upgrade, which included EIP-1559 that changed its fee rate to make the crypto asset deflationary.

Now, after about four-month, more than 1 million Ether worth over $4 billion has been officially burned, according to Dune Analytics.

The biggest contributor to this Ether burn is NFT marketplace OpenSea, accounting for 115,517 ETH. With just over 100k ETH burned, Ether transfers come in second place.

While the popular DEX Uniswap’s V3 comes in third place with over 98k ETH burned, together with V2, Uniswap (UNI) is responsible for the highest amount of Ether burned at more than 134,200 ETH.

Other top Ether burners include stablecoin USDT, Ethereum wallet MetaMask, stablecoin USDC, NFT play-to-earn game Axie Infinity (AXS), 1Inch, SushiSwap, SHIB, smart contract deployments, and MEV Bot.

JPMorgan Reiterates Ether Being Better than Bitcoin

According to baking giant JPMorgan Chase, Etherum can be a better and safer bet for investors than Bitcoin because of the utility its underlying technology offers. BTC -2.55% Bitcoin / USD BTCUSD $ 34,369.81
-$876.43-2.55%
Volume 33.98 b Change -$876.43 Open $34,369.81 Circulating 18.94 m Market Cap 650.92 b
3 w SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 3 w A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 3 w Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum

“The rise in bond yields and the eventual normalisation of monetary policy is putting downward pressure on bitcoin as a form of digital gold, the same way higher real yields have been putting downward pressure on traditional gold,” JPMorgan said in its recent report.

Ethereum, according to them, has already played a leading role in the emerging decentralized finance (DeFi) and non-fungible tokens (NFT) and because of greater focus by investors on environmental, social, and governance investing.

“With Ethereum deriving its value from its applications, ranging from DeFi to gaming to NFTs and stablecoins, it appears less susceptible than bitcoin to higher real yields,” they added. Still, as per JPMorgan, both cryptocurrencies are currently overvalued and far too volatile for most institutional investors.

A recent survey from uk.investing.com also found that 52% of investors plan to invest in Ether before the year is over compared to 48% who intend to buy Bitcoin.

“Many crypto investors have turned more bullish on Ethereum over the past year thanks to its increased involvement in DeFi projects and NFTs,” said Jesse Cohen, a senior analyst at uk.investing.com.

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