Bitcoin’s stratospheric rise hit a major bump on Friday.
The value of the so-called cryptocurrency, which had surged in recent weeks, plunged more than 25 percent in a 24-hour period, to $11,833, according to Coinmarketcap.com. The value of other digital currencies followed the tumble, with ethereum dropping more than 35 percent in the same time frame, to $543.76, and Bitcoin cash falling 44.3 percent, to $1,938.36.
Bitcoin’s value has been sliding throughout the week after reaching a high of $19,511 on Sunday, Coinmarketcap.com says.
To many, the steep slide was inevitable and a reality check of sorts.
Investors have been flocking to Bitcoin and other cryptocurrencies at a pace that has made an already volatile market even more predictable during the holidays. Companies have even been rebranding themselves in an effort to capture some of the attention being lavished on virtual currencies and the blockchain technology that provide their foundation.