Etherum ether Ethn$2 211.59 Directed the market since the early hours of Asia while traders reacted favorably to the recent pectra upgrade of the protocol, sending the token by almost 20%, the biggest gain since 2021 and negotiating above $ 2100 according to Coindesk market data.
This decision comes in the middle of a wider crypto market rally which coincided with bitcoin BTC$102 558.10 PO $ 100,000 for the first time in three months.
The upgrading of Pectra d’Ethereum, its most substantial overhaul since the merger 2022, represents a hard fork of scanning protocol, as previously reported Coindesk.
The upgrade consolidates the validator operations by increasing the implementation limit from 32 to 2,048 ETH (via EIP-7251), advances the usability of the portfolio via account abstraction mechanisms allowing a temporary functionality of intelligent contract (via EIP-7702) and implements other proposals for improving the ethère.
“ETH finally catches up after lagging behind the BBTC for most of the year. While BTC approaches its summit of all time, ETH is still down by almost 50% compared to its peak of 2024,” said Ming Jung from Presto Research to Coindesk in a note.
The upgrading of Pectra, said Jung, “helped restore some confidence, and with Ethbtc dropped by almost 40% year to 0.02, it is not surprising to see buyers intervene at these levels.”
In a recent research report, cryptocurrency wrote that a low network activity on Ethereum blockchain, which has not grown up since 2021, suggests that a recovery from previous summits is not imminent despite the rally.
In a market update, Flowdesk wrote that they saw the cryptography market taking up the momentum, with Bitcoin which passed $ 100,000 and a return to risk appetite, investors going from prudence to pursuit of higher yield altcoins and structured products.
“We note a recycling of the sale of sale in higher games downhill, a passage from prudence defined in the last two months. Although still below the levels of Q4 2024, the beta appetite is clearly built,” wrote Flowdesk.
March Zheng, general partner of Bizantine Capital, told Coindesk in a message that traders should remember that Ethereum has generally been the main Altcoin chain indicator for the risk to ON and its significant increases generally lead to broader Altcoin rallies.
Elsewhere in the crypto, Bitcoin (BTC) is negotiated over $ 102.5,000 while the Afflux ETF continue to be positive. In a recent note, Standard Charterd said that its $ 120,000 target in the second quarter could be “too conservative. The other market observers consider the current increases as” too low “.
Meanwhile, the Coindesk 20, a measurement of the performance of the largest digital assets, has increased by more than 10%.
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