BlockBeats News, May 10, this Wednesday, New Hampshire passed a bill this week allowing the state to create a strategic Bitcoin reserve. A day later, Arizona also passed legislation supporting cryptocurrency reserves. As the November election approaches, the momentum at the state level reflects political leaders' further attention to digital asset policy.

Recent optimistic comments from President Trump regarding the upcoming US-China trade negotiations have also eased market anxiety. These comments echo a new trade agreement signed between the US and the UK, which will eliminate reciprocal tariffs and reduce tariffs on US goods, further boosting confidence in the stock and crypto markets.

Analysts say the recent trends signal a decisive break from the depressed price action that plagued altcoins in March and April. "Traders believe that the crypto industry may have finally found a second wind as a hedge against market uncertainty," said Nick Ruck, Director of LVRG Research, in a Telegram chat. "Investors are changing their views on cryptocurrencies as altcoins have shaken off negative trends and gained buying pressure due to resurfacing risk appetite," Ruck added.

Ethereum's 30% surge this week is also attributed to increased institutional interest and the momentum of the Pectra upgrade, which introduces a long-awaited layer-2 reform aimed at improving efficiency and scalability. "This upgrade has provided Ethereum with much-needed reform to solidify its position as a leading chain in an increasingly competitive environment," said Mei from BTSE. "Given that Ethereum's price is far below its all-time high, we may see significant upside potential in the coming weeks and months, especially as macro concerns ease and institutions become more willing to allocate to cryptocurrencies and crypto ETFs."

However, traders are closely monitoring this weekend's US-China trade negotiations. The negotiations are set to begin in Switzerland later on Saturday, and any signs of a deadlock or escalating tensions could weaken the current uptrend.