Ethereum grew by more than 20% per day

Ethereum ETH $2,284.61 Bridged Ether (StarkGate) 12.46% Market capitalization $0.2 billion VOL. 24 hours $4.72 billion has surged in price, rising by almost 20% to surpass $ 2,300 on Thursday evening (EST). The surge occurred as the Pectra update was activated, the most significant change to the Ethereum network since the merger in 2022. This upgrade improves staking efficiency, validators, and scalability at the Layer 2 level.

Presto Research analyst Min Jung noted that Ethereum is «finally catching up with bitcoin» after lagging behind for most of the year. According to him, the Pectra update has restored confidence in the network, and with the ETH/BTC rate at 0.02 (40% lower since the beginning of the year), buyer activity looks logical.

According to Investing.com, Ethereum’s current growth has been the largest one-day jump since May 2021. The increase in value occurred in the context of a general upswing in the cryptocurrency market, which is fueled by positive expectations of the resumption of trade negotiations between the United States and China.

Nick Ruck, director of LVRG Research, noted that the Pectra update caused a bullish reaction not only to Ethereum but also to the altcoin market in general. According to him, combined with positive macroeconomic signals, this has changed the sentiment of investors, who have begun to view cryptocurrencies as a hedge against market instability.

Bitcoin BTC $102,871.84 Bitcoin 1.89% Market capitalization $2.04 trillion VOL. 24 hours $3.73 billion is also growing in parallel, rising by another 4% to reach $ 102,526. The growth is attributed to the announcement of new trade talks in Switzerland with the participation of U.S. Treasury Secretary Scott Bessent and representatives of the Chinese government.