Ethereum flips Coca-Cola and Alibaba as ETH gains 42% in 5 days
Ether's market capitalization increased by 42% in five days after the Ethereum Pectra upgrade launched on the mainnet. As of May 12, Ether (ETH) was trading at approximately $2,550, surpassing Coca-Cola and Alibaba to become the 39th-largest asset globally, with a market cap over $308 billion. The Pectra upgrade enhances layer-2 scaling data storage, validator user experience, and smart account wallet features. Initially scheduled for March 2025, the upgrade faced delays due to technical challenges but was successfully deployed on May 7. It allows externally owned accounts (EOAs) to act as smart contracts for gas fees and increases validator staking limits from 32 ETH to 2,048 ETH. Despite the price surge, cybersecurity experts warned of potential risks, indicating that attackers could exploit new transaction types to control EOAs without user consent, posing a threat to fund security.
