Key takeout
Ethereum prices have risen nearly 50% to over $2,700 after the Pectra upgrade. Abraxas Capital has acquired 211,030 ETH, approximately $477 million after the upgrade.
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Ethereum has increased nearly 50% more than $2,700 after the Pectra upgrade, about 6% below what Eric Trump holds when he publicly promoted his assets, TradingView data shows.
The president’s son expressed bullish feelings towards Ethereum in a February 3 post, saying, “In my opinion, it’s the best time to add $eth. I can thank you later.” He later edited the statement and deleted the last sentence.
His post came shortly after a market-wide sale related to President Trump’s tariff proposal. Meanwhile, ether lost more than 15% on February 2nd and 3rd, and at the time it was running low at around $2,300.
Despite a brief recovery, the recession was escalated amid rising fears that it escalated trade tensions and inflation after Trump announced tariff announcements in early April. On April 7th, ether temporarily fell below $1,400. This is the lowest level since November 2023.
The current price rallies were driven by new bullish sentiments driven by the activation of the Pectra upgrade on May 7th, the positive development of US-China trade relations and an increase in institutional accumulation.
Pectra introduces a set of Ethereum Improvement Proposals (EIPs) designed to improve staking efficiency, wallet ease of use and layer 2 scalability. This will help lay the key foundation for the next phase of Ethereum network growth.
Upgrades represent a crucial step for the platform, making them user-friendly and enabling systematic and programmable staking. Ethereum has skyrocketed by more than 40% in the five days since the upgrade was released.
According to data from Arkham Intelligence, on-site investment company Abraxas Capital has acquired 211,030 ETH, approximately $477 million over the past six days.
Ethereum surpasses Alibaba and Coca-Cola in terms of market capitalization
Ethereum was ranked as the 33rd most valuable asset by market capitalization, surpassing Alibaba and Coca-Cola.
Ethereum currently has a market capitalization of around $325 billion, surpassing Coca-Cola’s approximately $297 billion and Alibaba’s $320 billion valuation.
On Monday, the second-largest cryptocurrency temporarily overtook Alibaba with a market capitalization of $380 billion, but the Chinese tech giant regained its lead after stocks skyrocketed by about 6% and increased Alibaba’s market capitalization to more than $317 billion per market clock data.
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