Ethereum (ETH) Experiences Greatest Surge Since 2021, Rising 20%

Ethereum has seen an almost 20% increase in the past 24 hours, hitting a two-month high of $2,200. This surge, the biggest since 2021, is due to the successful Pectra upgrade that went live on May 7.

More than $280 million in short ETH positions were liquidated over the past 24 hours, and the asset has gained 26% over the past two weeks and over 50% in the past month. The daily ETH burn has doubled since the upgrade, leading to a drop in ETH annual inflation from 0.7% to -0.5%.

Ethereum continues to lead the industry in tokenizing real-world assets, holding a 58% market share for tokenized assets, excluding stablecoins.