$ETH

Ethereum (ETH) impressed with its significant increase

The upward trend in the cryptocurrency market benefited Ethereum (ETH) the most.

The upward trend in the cryptocurrency market benefited Ethereum (ETH) the most. Ether gained 20 percent in value in just one day, experiencing its biggest daily increase since 2021. The smart contract platform, which activated the long-awaited Pectra update on May 7, made a significant increase, also influenced by the positive atmosphere in the market.

On May 8, the price of ETH jumped from $ 1,900 to $ 2,500. Daan Crypto Trades said this increase was a “pretty crazy candle.” Ether’s open interest (OI) increased by 21 percent during the time period in question.

Cryptocurrency investor Alex Kruger said on May 8 that Ether’s price increase was mainly due to “new long positions.”

“ETH holders think this could finally be a turning point,” crypto investor Bob Loukas said.

Ether’s recent rise coincides with Bitcoin’s. BTC gained 3.59 percent in the same period and about 6 percent in the last seven days, returning to the $100,000 band for the first time in three months on May 8.

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