The cryptocurrency ether surged more than 5% in early Asia trade on Friday, as traders exhaled a sigh of relief that a software upgrade earlier this week went relatively smoothly.
Ether, the second-largest cryptocurrency by market capitalization, reached a high of $2,130.80, the highest since May 2022.
The upgrade, dubbed “Shapella,” went into effect on Wednesday.
It fueled worries of a selloff by allowing investors to redeem tokens placed on the blockchain in exchange for interest.
However, on Thursday, there were withdrawal delays, but the apparent lack of wholesale selling encouraged purchasers.
The price surged just after 0030 GMT, propelling the larger cryptocurrency bitcoin about 2% higher to a 10-month high of $30,923.