Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets as investors grow nervous at sky-high valuations and leveraged players take profit.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Major cryptocurrencies including bitcoin and ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
The Great Crypto Crash of 2018 looks more and more like one for the record books.
Bitcoin recovered from the lowest level since June and scores of smaller digital tokens rallied as concern eased that investors are giving up on the virtual alternatives to cash after this year’s collapse in prices.