The cryptocurrency market is witnessing a dramatic power shift as Ethereum bulls overpower bearish sentiment, driving ETH to a 30-day high of $2,579.56. This surge coincides with Bitcoin’s climb toward $104,000 and Dogecoin’s 10% rally, creating a trifecta of bullish momentum across major digital assets. Market analysts attribute this resurgence to Ethereum’s Pectra upgrade, favorable regulatory developments, and improving macroeconomic conditions.
Data from CoinGecko shows Ethereum’s trading volume spiked 45% in the past 24 hours, reaching $18.7 billion as institutional investors return to the market. The Pectra network upgrade, successfully implemented on May 7, has significantly improved transaction throughput while reducing gas fees by an average of 32% according to blockchain analytics firm CryptoQuant.
Bitcoin’s resurgence to six-figure territory marks its highest level since March 2025, with derivatives data revealing $240 million in short liquidations across major exchanges. This price action comes as multiple U.S. states adopt pro-crypto legislation, including New Hampshire’s strategic Bitcoin reserve initiative detailed in a CoinDesk report.
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Ethereum’s Technical Transformation
The Pectra upgrade represents Ethereum’s most significant technical improvement since the Merge, introducing three key enhancements:
- Increased validator staking limit to 4,096 ETH
- Reduced block finalization time by 18%
- Enhanced smart contract execution efficiency
These changes have propelled Ethereum’s price prediction spectrum for May 2025:
| Month | Price Range | Key Support |
|---|---|---|
| May | $2,250-$2,900 | $2,300 |
| June | $2,700-$2,900 | $2,650 |
| July | $2,900-$3,000 | $2,850 |
Bitcoin’s Institutional Momentum
Bitcoin’s push toward $104,000 coincides with unprecedented institutional activity:
- $420 million in Bitcoin ETF inflows this week
- 23% increase in OTC trading volume
- 14 consecutive days of exchange outflows
The cryptocurrency’s resurgence follows Arizona’s adoption of a Bitcoin reserve law on May 9, allowing state treasuries to allocate up to 3% of reserves to BTC. This legislative shift comes as former President Trump praises blockchain technology’s potential in U.S.-China trade relations.
Dogecoin’s Retail Revival
Despite being overshadowed by larger assets, Dogecoin has outperformed the market with a 10% surge to $0.23021. The meme coin’s rally appears driven by:
- 35% increase in active addresses
- Record-high social media mentions
- Speculation about Tesla payment integration
Market analysts note Dogecoin’s relative strength index (RSI) has entered overbought territory at 74, suggesting potential short-term consolidation before testing the $0.25 resistance level.
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The combined market capitalization of digital assets has surged 12% this week to $3.8 trillion, with derivatives traders positioning for continued upside. As the U.S. election cycle intensifies, political support for blockchain technology appears poised to become a key differentiator in several swing states.
