Bitcoin plummeted as much as 17% on Monday, its biggest single-day decline since March.
The sharp decline comes after bitcoin hit a record high of $34,792.47 on Sunday. The cryptocurrency had soared 59% since the start of December and 305% for full-year 2020.
Some analysts said that after the stellar gains of the last month, some crypto coins such as bitcoin and Ethereum were due a downward correction.
Yet Ethereum soared by as much as 22% on Monday as bitcoin faltered.