Ethereum broke the $700 limit today after drops over the last few days. It reflected the general bearish trend seen in the market over the last week, as many currencies in the top 10 reflected losses of above 10%.
After slumping down to $695 on May 11th and falling below the $700 support level, Ethereum struggled to take back the value it had at the beginning of the week. It continued to decline, with sharp declines seen on May 12th, down to a low of $648 this week.
Earlier this week, the coin also saw a series of drops after its high of $834 on May 6th. It started off this week at the high, going down to $771 on the same day, going up to $791 to May 7th. It went down to $713 from $762 on May 7th. On May 9th, it saw a drop from $756 to $719.
It slowly rallied to $763 on May 10th, only to drop to $743 on the same day. It dropped again from $736 to $691 on May 11th, and again $686 to $647.
After rallying to $685 and enduring a series of small drops to the high $670s, Ethereum started its bullish run from $680 earlier today, breaking the $700 limit at about 7 PM UTC. It reached a high point of $738 before correcting and coming to rest at about the $720s. It is currently trading at $726.
Ethereum is currently #2 in the overall market cap, behind the undisputed leader, Bitcoin. It has an overall market capitalization of $72 billion, with a circulating supply of close to 100 million ETH tokens. Ethereum holders and investors rejoiced at the recovery of the coin.
Twitterati Marcus Vega stated:
“Men may come and men may go, but Ether stays constant :). #ethereum #hodl #tothemoon!”