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SINGAPORE: Cryptocurrency ether leapt more than 5% in early Asia trade on Friday as traders breathed a sigh of relief that a software upgrade this week ran relatively smoothly.
The second-biggest cryptocurrency by market capitalization, ether rose to as high as $2,130.80, the most since May 2022.
The upgrade, known as “Shapella,” took effect on Wednesday.
It had stoked fears of a selloff because it enabled investors to redeem tokens deposited on the blockchain in return for interest. Withdrawal delays were evident on Thursday, but the apparent lack of wholesale selling encouraged buyers.
The price moved up sharply shortly after 0030 GMT, and helped pull larger cryptocurrency bitcoin almost 2% higher to a 10-month high of $30,923.