Ethereum (ETH) Price Soars Past $2,300, Outpacing Bitcoin's Gains

With virtual currency continuing to rise, Ethereum, the second-largest market capitalization, is not unusual.

The price of Ethereum, the second-largest cryptocurrency by market capitalization, has been on a tear, and for good reason.

According to the U.S. cryptocurrency exchange Coinbase on the 9th (local time), the price per Ethereum was traded at $2,347 at 2:04 p.m. EST (11:04 a.m. in the West), up 15.08% from 24 hours ago.

This is far ahead of Bitcoin, a cryptocurrency market leader, which rose 2.27% at the same time, and 5.94% of XRP, which is known to have the most Korean trading.

Solana and Dogecoin also rose 8.22% and 8.47%, respectively, but they fell short of Ethereum's gains.

Ethereum soared more than 10% the day before, recovering to the $2,000 level.

It jumped more than 30% compared to the $1,800 range a week ago. Bloomberg analyzed, "This is the largest weekly increase since 2021, when the cryptocurrency boom was caused by low interest rates and speculative overheating."

Ethereum's surge appears to be due to easing global trade tensions and optimism about network upgrades. This is because investor sentiment across virtual assets has improved since the signing of a new trade agreement between the U.S. and the U.K.

Investors' focus on Ethereum's ongoing technology upgrades is also driving up prices.

Ethereum recently made an upgrade called 'Pectra'. The upgrade focuses on reducing transaction fees and improving network efficiency, raising expectations for boosting transactions in the future. "The momentum is strong and there is a possibility that the upward trend will continue," said Valentin Fournier, chief research analyst at virtual currency analyst BRN. "This price increase and future policy support will lead to the influx of new investors (for virtual currency).