Ethereum Surges Double Digits to $2,400 Following Pectra Upgrade
Ethereum increased by 28.9% from $1,939 to over $2,400 following the Pectra upgrade, described as the network's most ambitious upgrade. Currently, Ethereum trades at $2,339, reflecting a 20.4% daily rise. The Pectra upgrade, rolled out on Wednesday, is the third major upgrade since The Merge in 2022, transitioning from proof-of-work to proof-of-stake. It aims to enhance user experience, scalability, and staking flexibility through account abstraction and adjustments to data storage and validator staking limits. Prior to the upgrade, Ethereum had dropped 33.3% due to macroeconomic pressures. A trade deal between the U.S. and the UK contributed to market recovery, with Bitcoin surpassing $100,000 and Ethereum reclaiming $2,000. Despite the price surge, Ethereum U.S. spot ETFs experienced three days of outflows. The overall crypto market rose 3.5%, with Ethereum-based projects leading gains, including Pepe (PEPE) up 43.3%, Virtuals (VIRTUAL) up 24.3%, and Uniswap (UNI) up 21.5%.
