According to BlockBeats, on May 10, New Hampshire passed a bill allowing the creation of a strategic Bitcoin reserve, and Arizona also passed legislation supporting cryptocurrency reserves. With the November elections approaching, the momentum at the state level reflects political leaders' attention to digital asset policies.
Recent remarks by President Trump on US-China trade negotiations alleviated market anxiety and echoed new trade agreements signed with the US and the UK, boosting confidence in the stock and cryptocurrency markets.
Analysts point out that the recent trend marks a break in the subdued price action of altcoins. Investors are changing their views on cryptocurrencies, with altcoins experiencing buying pressure due to a preference for risk.
Ethereum rose 30% this week, attributed to increased institutional interest and momentum from the Pectra upgrade. The upgrade introduces reforms to the execution layer, enhancing efficiency and scalability. Ethereum's price is far below its historical peak, suggesting significant upside potential in the future.
Traders are closely watching the US-China trade negotiations this weekend, which will begin on Saturday evening in Switzerland. Any signs of a stalemate or escalation of tensions may weaken the current uptrend.
