Ether (ETH) just pulled a stunt that caught everyone off guard! After a 20% spike, it soared above $2,200 on Thursday evening ET, thanks to the Pectra upgrade and some good ol' risk-on sentiment. Talk about a comeback!
"ETH is finally catching up after lagging behind $BTC for most of the year," says Min Jung, a research analyst at Presto Research. "With ETH/BTC down almost 40% year-to-date at 0.02, it's no shock that buyers are jumping in at these levels."
Biggest Single-Day Gain Since 2021
This 20% jump marks Ether's biggest single-day gain since May 2021, according to data from Investing.com. Talk about a jaw-dropper! The surge was triggered by the activation of the Pectra upgrade, Ether's most significant update since the 2022 Merge. The upgrade improves staking efficiency, validator operations, and Layer 2 scalability. Suddenly, Ether’s back in the game, surging along with the broader crypto market, all thanks to a little market boost from U.S.-China trade talks.
The Market Gets a Boost
Nick Ruck, Director of LVRG Research, said that the Pectra upgrade helped stir up a bullish reaction, sending altcoins on a tear.
"With positive macro news, crypto might have found its second wind as a hedge against market uncertainty," he said.
Altcoins are now picking up steam after finally shaking off their downward trend, giving investors a fresh reason to buy in.
Meanwhile, Bitcoin's not sitting this one out, its 4% rise took it to a cool $102,526. The rally is fueled by the renewed U.S.-China trade talks, which are set to happen in Switzerland between U.S. Treasury Secretary Scott Bessent and Chinese officials. Looks like the crypto world is feeling pretty good right now!
HODL Team
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