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- #Will BTC Hit a New High?#
BTC has broken past $100,000 and is now consolidating near its peak. What’s your outlook on the next move? With bullish sentiment on the rise, could BTC reach a new all-time high?
#Crypto Market Rebounds#
The crypto market is rallying across the board — altcoins are gaining momentum, and Memecoins are heating up! 🔥MOODENG is up over 100%, while PNUT and VIRTUAL have each gained more than 45%. The total crypto market cap has now exceeded $3.22 trillion!
What’s next for the market? Which rebound tokens are you most bullish on?
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Ethereum (ETH) dazzled with its substantial increase.
The upward trend in the crypto market has benefited Ethereum the most, (ETH). Ether gained 20% in value in just one day, experiencing its largest daily increase since 2021. On May 7, the smart contract platform that activated the long-awaited Pectra update also made a substantial rise, influenced by the positive atmosphere in the market.
On May 8, the price of ETH skyrocketed from 2,900 dollars to 3,500 dollars. Daan Crypto Trades described this increase as "a quite crazy candle." During this time period, Ether's open interest (OI) increased by 21 percent.
Crypto investor Alex Kruger stated on May 8 that the price rise of Ether is primarily due to "new long (rise directional) positions."
Crypto investor Bob Loukas said, "ETH holders think this could ultimately be a turning point."
Ether's recent rise coincides with Bitcoin. BTC increased by 3.59% during the same period and gained approximately 6% over the past seven days, returning to the 100 thousand dollar mark on May 8 for the first time in three months.
The founder of the on-chain options protocol Derive, Nick Forster, stated that the recent price rise of Ether is due to a combination of several factors beyond the Pectra hard fork.
Forster drew attention to the trade agreement between the UK and the US in which President Donald Trump "reduced the tariffs on British cars and steel." On the other hand, the purchase of the US-based cryptocurrency exchange Coinbase's derivatives exchange Deribit for $2.9 billion has also impacted the market.
Meanwhile, the overall crypto market also saw an increase in prices and sentiment following Bitcoin's rise. In the last 24 hours, the total value of the crypto market increased by 4.95%, and the Crypto Fear and Greed Index moved further into the "Greed" zone, rising by another 8 points to reach a score of 73.
What is the Ethereum Pectra Update?
The foundation of this rise in Ethereum is the Pectra protocol update, aimed at making the network more efficient. The update, which went live on May 7, 2025, was designed specifically to improve the experience of validators and increase efficiency in block production. Key innovations include:
This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research when making decisions.