ETH Surges 25%, Biggest Gain Since 2021 as Pectra Upgrade Helps Restore 'Confidence'
ETH outperforms CoinDesk 20 Index, as bulls comes back while BTC surges above $100k.
1) Ethereum's Pectra upgrade has led to a nearly 25% increase in ETH, trading above $2,500.
2) The upgrade raises the staking limit and improves wallet usability, among other enhancements.
3) Despite the rally, weak network activity suggests a full recovery to previous highs is not imminent.
Ethereum led the market in early Asia hours as traders reacted favorably to the protocol's recent Pectra upgrade, sending the token up nearly 20%, the biggest gain since 2021, and trading above $2500 according to market data.
The move comes amid a broader crypto market rally that coincided with BTC soaring past $100,000 for the first time in three months.