- ethereum’s price jumped over 15% in 24 hours, outpacing Bitcoin and other major cryptocurrencies.
- The rally followed a successful technical upgrade that increased scalability and usability on the Ethereum network.
- Despite recent gains, Ethereum remains well below its all-time high—while Bitcoin approaches its peak value.
On Friday, the cryptocurrency market saw significant gains, with Ethereum (ETH) leading the surge by rising more than 15% in a single day. This development resulted from a major network upgrade and encouraging signs for global financial markets. While Bitcoin reclaimed the $100,000 mark this week, Ethereum marked its own rally, crossing $2,400 for the first time in more than three months, according to CoinGecko.
Data shows Ethereum outperformed Bitcoin and most other cryptocurrencies over the past 48 hours, with ETH climbing 30% and BTC increasing by only 8%. Analysts contacted by Decrypt attributed Ethereum’s jump to a well-executed technical upgrade, known as the “Pectra” update, and growing investor confidence as the global economy improved.
According to Joel Kruger, a market strategist at LMAX Group, “The market is poised to reward ETH, the world’s second-largest crypto asset, as it emerges from internal challenges, layer-1 competition, and Q1 risk-off pressures.” Kruger explained that ongoing technical advances, combined with favorable global conditions, have motivated investors to act on lower prices.
The Pectra upgrade, which aims to boost Ethereum’s scalability and make the network easier to use, rolled out this week without major technical issues. Carlos Guzman, a research analyst at GSR, said enthusiasm grew following this “flawless rollout,” calling it “the biggest technical milestone since the merge.” The merge was a 2022 software change that moved Ethereum from a proof-of-work to a proof-of-stake system, making the network less energy-intensive.
Ethereum faces competition from other layer-1 blockchain platforms like Solana, which some users claim offer greater speed or capability. Despite ETH’s recent rise, its price remains far below the 2021 record of $4,878. Bitcoin, by contrast, is down only 5% from its all-time high set in January.
This week, sentiment in the wider financial markets improved following news that U.S. President Donald Trump agreed to new trade terms with the United Kingdom and expressed plans to reduce tariffs with China, contributing to a rally among risk-on assets. Major U.S. stock indexes, including the Nasdaq and S&P 500, also posted significant gains Thursday.
Greg Magadini, Director of Derivatives at Amberdata, told Decrypt that reduced volatility in ETH led to a wave of new buying, describing the trend as a potential “relief rally.”
Even after these developments, Ethereum’s price still trails far below its all-time peak, while Bitcoin hovers close to its strongest level ever.
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