ETH surges 20%, biggest gain since 2021, as Pectra update helps restore ‘confidence’
Sam Reynolds | Edited by Aoyon Ashraf Updated May 9, 2025, 2:06 PM Published May 9, 2025, 1:51 AM
Ethereum ETH hit $2,335.78 in early Asian trading as traders reacted positively to the recent Pectra protocol upgrade, sending the token up nearly 20%, its biggest gain since 2021, and trading above $2,100, according to CoinDesk.
The move comes amid a broader rally in the cryptocurrency market that coincided with Bitcoin BTC. $103,339.18 , which exceeded $100,000 for the first time in three months.
Ethereum’s Pectra upgrade, a significant rework since the 2022 merger, is a major hard fork of the protocol, as CoinDesk previously reported.
This update consolidates validator operations by increasing the stake limit from 32 to 2048 ETH (via EIP-7251), improves wallet usability through account abstraction mechanisms to enable time-based smart contract functionality (via EIP-7702), and implements nine other Ethereum improvement proposals.
“ETH is finally catching up to BTC after lagging for most of the year. While
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