Bitcoin prices plunged again over the weekend after a month of gains, delaying the cryptocurrency’s recovery.
Values had risen from a low of $ 3,400 (£ 2,600) per coin on February 8 to a record price of $ 4,190 (£ 2,005) on Friday morning, according to the ranking site. CoinMarketCap.
But virtual currency values fell suddenly on Friday afternoon, with around $ 400 erased from the price of each bitcoin within an hour, the website reports. At 9 a.m. UK time, the price was around $ 3,830 (£ 2,930).
Bitcoin’s rivals, notably Etherum and Ripple, also saw declines of around 5% over the weekend, Forbes reports.
While the cause of the sudden market decline was “not immediately apparent”, the decline may be the result of “traders and investors taking profits and flooding the market with surplus digital tokens” , according to the economic information site.
The Daily Express notes that there is still “widespread open interest apathy” around bitcoin, despite a boost to the market earlier this month when banking giant JP Morgan announced it was launching its own crypto internal currency.
“There is still enormous uncertainty around cryptocurrencies, and this is reflected in market movements,” the newspaper said.
Despite the latest setbacks, some analysts are hoping the virtual coin will rebound this year.
As a cryptocurrency news site CoinDesk points out, the current market trend is very similar to the fluctuating values of bitcoin in early 2015. At the time, bitcoin entered a bullish race in October, and experts believe virtual currency could follow the same path at the time. the end of 2019.