The value of the world’s second largest cryptocurrency, Ethereum, rose to a new historical record of $4700 per token in trading on Sunday. MarketWatch writes about it.

During the trading session, the price of Ethereum reached the maximum value of $4770, the publication specifies.

During the last week and a half, starting from October 28, Ethereum renewed historical records of cost four times.

The rise in demand for the cryptocurrency was triggered by a Finder.com report based on a survey of cryptoanalysts, who predicted Ethereum to be worth $5100 per token by the end of 2021. The report also indicated that Ethereum’s price will reach $50,000 by 2030.

The publication notes that a number of analysts predict that Ethereum will overtake Bitcoin as the No. 1 global cryptocurrency by mid-2022.

As Ethereum’s price rises, transaction fees for the cryptocurrency also rise: the average transaction fee was $41.53 as of Saturday, November 6, which is about three to four times higher than in August.

At the moment, Ethereum’s market capitalization is still about half of Bitcoin’s market capitalization: $554.5 billion versus $1.2 trillion.

Ethereum has gained 31% in value over the past month and 535% since the beginning of 2021.

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