Ether surges past $2,000 and hits highest level since May after its new upgrade unlocks investors' crypto
in exchange for financial rewards as a way of contributing to the blockchain network — to start withdrawing their crypto.
Investors were unable to sell their locked-up tokens before Wednesday's upgrade, which made it possible to withdraw just over 5% of all 19 million staked ether tokens. Ether's two-day rally lifted it above $2,000 for the first time since August late Thursday and it built on those gains early Friday to trade at its highest price level since May 2022.
The token has climbed 76% year-to-date, as demand for digital assets rose thanks to investors' expectation that the Federal Reserve will soon ease off on its rate-hiking campaign. The banking turmoil after the collapse of Silicon Valley Bank and Signature Bank has also fueled demand for"safe-haven" alternatives to government-issued currencies.
Ether is still trading 56% below its all-time price of $4,799, which it reached at the peak of the previous crypto bull market in November 2021.
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