Bitcoin is rallying after hundreds of dollars were slashed off its price yesterday

Courtney Goldsmith
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Bitcoin is going back up after a rocky few days (Source: Getty)

Bitcoin prices were back on the rise today after they crashed 14 per cent yesterday on the back of a record high.

The cryptocurrency surged past the $3,000 milestone Sunday evening, but yesterday it dropped back down below $2,600. Prices are rising again today, up 2.61 per cent to $2,752.71 at the time of publishing, according to CoinDesk, which aggregates prices across several exchanges.

Early indications showed the price had diverged too far from fundamentals, analysts told CoinDesk.

The volatile currency has had a record-breaking year, however, rising more than $1,000 in the last 30 days alone, spurred on by mainstream adoption in Asia.

But despite today's gains, bitcoin could fall further.

Mati Greenspan, senior market analyst at eToro, told City A.M.: "It will be a bumpy road before we get there, but if buyers are right and bitcoin is the future of money...we can expect to see these numbers rising faster than they are already."

Read more: Bitcoin: It's just been made blinkin' easy for Brits to invest in

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