Ethereum Surges to Overtake Bitcoin with 30% Gain in 48 Hours
The cryptocurrency market has just experienced a strong rally as Ethereum (ETH) suddenly took the lead with a stunning 30% gain in just two days, surpassing Bitcoin and other major altcoins thanks to a combination of excellent technical upgrades and positive signals from the global macro economy.
While Bitcoin also gained 8% and surpassed the $100,000 mark for the first time in over two months, Ethereum was the main driver of this recovery. On Friday morning, ETH peaked at $2,400 – its highest in over three months – before closing at around $2,337 according to data from CoinGecko.
The rally was fueled by the Pectra upgrade, a major step forward in improving the scalability and user experience of the Ethereum network. Despite some initial hiccups during the testing phase, the upgrade was rolled out on the mainnet without any major bugs, rebuilding investor confidence.
Joel Kruger, market strategist at LMAX Group, said: “The market is ready to reward Ethereum after a long period of pressure from layer-1 competition and risk-off sentiment in the first quarter.” He emphasized that the combination of a favorable macro environment and expectations of technological growth have created a strong boost for ETH.
Carlos Guzman, an analyst at GSR Research, shared the same view, saying that the Pectra upgrade is not only the biggest technical milestone since the merger (The Merge) in 2022, but also an important catalyst that has helped push Ethereum's price up sharply. “Along with positive signals from the US and UK economies, this rally is seen as an inevitable reaction,” he said.
In addition to technical factors, geopolitical developments also played a role. US President Donald Trump signed a trade deal with the UK last week and hinted at the possibility of reducing tariffs on China. At the same time, despite continuing to criticize Fed Chairman Jerome Powell, Trump still signaled support for pro-growth monetary policies.
As a result, risk assets - including technology stocks and cryptocurrencies - soared. The Nasdaq and S&P 500 both recorded strong gains on Thursday.
However, analysts still emphasized that Ethereum has a long way to go. Despite surpassing Bitcoin in terms of short-term percentage gains, ETH is still nearly 50% below its all-time high of $4,878 set in 2021. Meanwhile, Bitcoin is less than 5% away from its peak.
However, technical signals and macro factors are opening a new chapter for Ethereum – where the network can regain its central position in the Web3 world if it maintains its current momentum.