- Ethereum’s Pectra upgrade fueled a 42% price surge.
- Over 60% of ETH holders are now in profit.
- ETH’s market cap surpasses global giants.
Ethereum’s price surged 42% within a week following the successful launch of the Pectra upgrade on May 7, positioning it ahead of Bitcoin’s growth rate.
Ethereum’s rise highlights the impact of strategic upgrades on market positioning and investor confidence.
The Impact of the Pectra Upgrade
The Ethereum Foundation and its developers executed the Pectra upgrade marking a pivotal moment for the protocol. Post-upgrade, Ethereum’s value rose by 42%, contrasting Bitcoin’s 10% gain. Vitalik Buterin spearheaded this notable transformation.
The upgrade’s broader implications signal renewed investor interest in Ethereum. “ETH has a 20% chance of exceeding $4,000 by Christmas (up from 9% last week) and a 12% chance of hitting $5,000. The chance of ETH falling below $1,500 by Christmas has dropped to 15% (down from 40%)” – Sean Dawson, Head of Research, Dervive.xyz, CryptoSlate.
More than 60% of Ethereum holders are now in profit compared to a previous 32%. This shift underscores the potential for future price increases. ETH’s market cap now exceeds $308 billion, surpassing notable companies like Coca-Cola.
Market experts predict further growth paths for Ethereum. Sean Dawson from Dervive.xyz noted ETH’s probability of reaching new price highs by Christmas increased significantly. Historical precedents like The Merge have demonstrated similar outcomes, bolstering current investor sentiment.