The world’s most famous cryptocurrency has been on the rise since last year, reaching a record-high price of over $58,354 on 21 February. In the meantime, its market capitalisation reached $1 trillion last week.
Bitcoin’s price dropped below $55,000 on Monday, according to Reuters. At the same time, the cryptocurrency Ether fell almost seven percent, dropping to $1,798, according to the report.
Bitcoin experienced exponential growth last year and continued to climb in January when electric car manufacturer Tesla confirmed a $1.5 billion investment in the cryptocurrency. Over the last two months, Bitcoin has doubled its price and showed almost six-fold growth in a one-year period.
The cryptocurrency was created in 2008 by Satoshi Nakamoto – which is believed to be a pseudonym, while the real identity of the inventor remains unclear. It uses blockchain technology that allows for decentralised data storage, providing a safe and private platform for online transactions.