Bitcoin price (BTC/USD) plunges after hitting two-month high

The Bitcoin price (BTC/USD) has suffered a big hit during the Sunday session, which served as a reminder of how volatile the digital currency space can be.

The original cryptocurrency enjoyed some strong positive price action on Saturday afternoon, which allowed it to surge above the key $4,000 level. The digital coin rose to as high as $4,166.29 in the afternoon and eventually finished the day at $4,142.53, up from its opening price of $3,998.92.

Hopes that Bitcoin had finally secured a decisive break above the $4,000 barrier were further strengthened in early Sunday trading, when the coin’s price rose to a two-month high of $4,210.64. However, the situation changed dramatically in the afternoon, as BTC experienced a sharp downward correction, with it plunging to a six-day low of $3,793.71. BTC closed the session at $3,810.43, well below its opening price of $4,145.46.

Bitcoin has been trading sideways on Monday, with its price moving within a tight range below the $3,850 mark. At the time of writing, the Bitcoin price was hovering around the $3,840 mark, according to data from digital currency tracker Coinmarketcap.

Bitcoin’s drop wasn’t an isolated incident within the broader crypto space, as most major digital coins saw similar downswings on Sunday. A number of top 10 cryptocurrencies, including Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), have seen double-digit percentage losses over the past 24 hours. EOS has been the worst performing top 10 coin, having lost more than 20% of its value over that period.

In today’s trading, the Bitcoin price stood at $3,843.53, as of 11:59 GMT. The digital coin has lost 7.6% of its value in the past 24 hours, Coinmarketcap data shows. Its total market capitalisation currently stands at nearly $67.5 billion, which represents 52.4% of the combined value of all digital currencies.