Cryptocurrencies rallied for a second day, with Ethereum-related tokens leading gains, as risk aversion eases and optimism grows about the long-anticipated software upgrade of the blockchain network.
Ether, the native token of Ethereum, jumped as much as 11% to $1,783, and surged 29% on an intraday basis since Tuesday, the biggest two-day gain since January 2021. The digital token is still down about 50% this year.
Bitcoin rallied as much as 6.2% to $24,195. Its two-day gain of 15% is the largest on an intraday basis since June 20. The largest digital token by market value is down 48% since December.
The rally signals growing confidence that Ethereum’s move from the current system of using miners to a more energy-efficient system using staked coins is nearing. The switch to this so-called proof-of-stake system is expected to take place in September. This week, Ethereum developers have signaled continued progress in testing the new system, and they are holding a series of events for...
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