The world’s most popular cryptocurrency previously topped the $19,000 mark, nearly reaching its record-high prices from 2017. In the meatime, Bitcoin’s market value has been estimated at $355.9 billion, surpassing previous records.
Bitcoin dropped to $16,933 on Thursday, losing almost one-tenth of its price, leading a downward trend for cryptocurrencies. Ripple’s XRP dropped 20.26% to $0.51 and Ethereum fell 13.16% to $500.8, after both also showed high results last week.
Bitcoin is a decentralised online currency that is not subject to a central bank. It has built-in value due to an artificial scarcity through its accumulation process known as “mining”.
It has become a normal form of payment by many corporations, including AT&T, Overstock.com, Microsoft, and Twitch. In October, Bitcoin increased its price after PayPal announced that users would be able to buy, hold, and sell the cryptocurrency on their platform.