Ethereum (ETH), the second-largest cryptocurrency by market cap, surged over 20% in a single day, breaking the 2,200 USD mark for the first time in two months. The positive momentum in the crypto market, fueled by news of a trade agreement between the U.S. and the U.K., has given Ethereum’s price a significant boost.
As of 10:12 AM on Friday, Ethereum was trading at 2,239 USD on CoinMarketCap, representing a 22.74% increase from the previous day. This is the first time Ethereum has surpassed 2,200 USD since March.
The sharp rise of cryptocurrency coincided with the conclusion of trade negotiations between the United States and the United Kingdom. Resolving uncertainties surrounding global trade disputes has reinvigorated investor confidence in high-risk assets like cryptocurrencies.
In the agreement, the U.S. decided to maintain its 10% tariff on British products while agreeing to reduce duties on automobiles and steel.
Furthermore, President Donald Trump’s suggestion that he might consider lowering tariffs on Chinese goods has sparked optimism about a potential U.S.-China trade deal, contributing to the overall price surge.
In other news, Ethereum recently completed its “Pectra Upgrade” on Wednesday to enhance the user experience. This marks the first major upgrade in 14 months, following last year’s Dencun Upgrade. Industry observers are now keenly watching to see if this development will help Ethereum overcome its recent performance challenges.
Vitalik Buterin, Ethereum’s co-founder, has announced his intention to focus personally on Ethereum this year. He acknowledged Bitcoin’s advantage in its simple network structure, admitting that while Ethereum has strived for similar simplicity, it hasn’t yet achieved that goal. However, Buterin expressed confidence that the Ethereum network would match Bitcoin’s simplicity within five years.