Ether continues its record run, tops $4,700 for first time

Ether continues its record run, tops $4,700 for first time

Ether continued its record-setting rally Sunday, topping $4,700 for the first time.

The world’s second-largest cryptocurrency by market cap, which runs on the Ethereum blockchain, was recently at $4,708 on Sunday night, according to Kraken data. Ether
ETHUSD,
+1.34%

has steadily notched a string of all-time highs over the past week and a half, since it topped $4,400 for the first time Oct. 28.

Momentum has been swinging higher since a Finder.com report in late October predicted ether’s price would top $5,100 by year’s end, based on a poll of fintech experts. The same report predicts ether to top $50,000 by 2030.

Furthermore, a number of crypto experts, including crypto hedge-fund manager Rahul Rai, believe ether is on pace to overtake bitcoin as the No. 1 cryptocurrency around the middle of 2022, an event dubbed “the flippening,” Business Insider reported last week.

However, as ether’s price surges, so are transaction fees — BitInfoCharts found the average transaction fee for ether was $41.53 as of Saturday, about three to four times what they were in August.

As of Sunday night, ether’s market cap was still about half of bitcoin’s: $554.5 billion for ether, to $1.226 trillion for bitcoin.

Bitcoin
BTCUSD,
+3.58%
,
meanwhile, rallied Sunday as well, last at $65,612, according to Coindesk data, about $1,300 shy of its all-time high of $66,923, set in October. Bitcoin is up about 20% over the past month, and has soared more than 125% year to date.

Ether is up 31% over the past month, and has skyrocketed a whopping 535% in 2021.

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