“Ethereum’s Insane Surge: Outpacing Bitcoin with 18.8% Daily Growth”

In the past 24 hours, Ethereum’s price has surged by 18.8%, climbing above the $2300 mark. Bitcoin has firmly established itself above $103,000.

Among the top 10 cryptocurrencies by market capitalization, Ethereum exhibited the strongest performance. Crypto trader Daan Crypto Trades described the asset’s daily candlestick as «absolutely insane.»

Liquidation volumes over the day reached nearly $880 million, with about $344 million attributed to Bitcoin and $289 million to Ethereum.

Trader and economist Alex Kruger noted that the movement of digital gold above $99,000 mainly triggered the closure of short positions, while he linked Ethereum’s momentum to the opening of new long positions in the asset.

On May 7, a hard fork named Pectra occurred on the Ethereum mainnet, marking the largest upgrade in terms of proposed changes. This upgrade included a series of enhancements aimed at improving the convenience and efficiency of the blockchain.

Following the upgrade, the network began to burn ETH at a faster rate, resulting in an annual deflation rate of 1.2%.

In a comment to Cointelegraph, Derive protocol founder Nick Foster remarked that Ethereum’s growth is driven by several factors, not just Pectra. He pointed to favorable events for digital assets, such as the trade agreement between the U.S. and the U.K., as well as Coinbase’s acquisition of the options platform Deribit for $2.9 billion.

The total cryptocurrency market capitalization increased by 4.5% in a day, reaching $3.37 trillion, with Bitcoin’s dominance at 61%.

Due to its cumulative value, Bitcoin has surpassed Amazon, becoming the fifth-largest asset in the world, as noted by Bitcoin Magazine.

Additionally, it’s worth mentioning that Binance founder Changpeng Zhao has predicted Bitcoin could rise to $1 million in this current market cycle.