Wild swings resume as bitcoin soars to dizzying heights

The price of bitcoin has set another record, reaching more than $35,000 after a sharp drop earlier this week that wiped out nearly 20 percent of the world’s first cryptocurrency’s value.

Bitcoin surged nearly 12 percent to $35,842 before bouncing back to the current $34,940 per token, according to CoinDesk, which tracks cryptocurrency data.

The latest upsurge comes just days after it saw the biggest one-day decline since March. On Monday, the crypto pioneer lost 17 percent after nearly quadrupling at the end of last year.

It demonstrated a more than 300-percent jump over the last several weeks of 2020, reaching levels of above $29,000.

Bitcoin started out in 2009 as the first asset using a decentralized blockchain-based network, which enables secure peer-to-peer transactions. At the time, the world-leading asset was worth less than one dollar per token.

The cryptocurrency saw its first notable surge to $20,000 three years ago, but lost about 80 percent of the market value over the following months. The current bull cycle is expected to be different and more sustainable than in 2017.

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