Ethereum (ETH) has surged as much as 20% in the past few hours after the successful completion of the Pectra Upgrade, marking its biggest gain since 2021. This rally comes amid a broader upswing in the entire crypto market, with Bitcoin (BTC) breaking above $100,000 for the first time in three months.
The Pectra Upgrade represents Ethereum's most significant change since the "Merge" in 2022. It consolidates validator operations, raises the staking limit from 32 to 2,048 ETH tokens, improves wallet usability, and enhances smart contract functionality.
This upgrade and the positive market response provide a much-needed boost for Ethereum, which had fallen 40% this year due to stagnant blockchain growth since 2021. The Pectra Upgrade appears to have arrived opportune, with the top 20 digital assets experiencing gains of over 10% in recent trading days.
Ethereum is currently trading at $2,401, showcasing the market's enthusiasm for the upgrade and the overall bullish sentiment in the crypto sector.
