Bitcoin’s rally is pausing, with the digital currency dipping below $4,000 briefly in early trade on Monday.
Bitcoin surged against the dollar last week, breaking through $4,000 for the first time two Sunday’s ago before peaking at $4,479.
However, after pausing for breath on Friday, traders have been booking profit over the weekend. As a result, bitcoin has been drifting lower against the dollar.
Bitcoin dropped below $4,000 a coin just before 8.00 a.m. BST (3.00 a.m. ET). But, at 8.57 a.m. BST (3.57 a.m. ET), the cryptocurrency has rallied slightly to $4,024.07, equivalent to a 0.8% drop against the dollar on the day. Despite the dip, the cryptocurrency remains near historic highs, as the 3-month price chart below shows.
- Markets Insider
Elsewhere in the cryptocurrency world, Bitcoin Cash, a new digital currency split off from Bitcoin at the start of the month, is dipping against the dollar after posting big gains over the weekend. Bitcoin Cash is down 5.3% to $681.53 at 7.55 a.m. BST (2.55 a.m. ET).
Ethereum, the second-biggest cryptocurrency after Bitcoin by market value, is up 5.1% against the dollar to $323.96 at the same time.