Bitcoin is pulling back from its record highs. The cryptocurrency briefly dipped below $30,000 Monday, just two days after breaching that level for the first time.
The price of bitcoin rallied to a fresh all-time high over the weekend, topping the $34,000 mark. That move was followed by a surge in smaller cryptocurrencies such as ether, which passed the $1,000 mark for the first time since February 2018.
Bitcoin slumped as low as $29,316 at around 5:40 a.m. ET Monday, down 12% in the last 24 hours. It soon lifted back above the $30,000 level, but was still down over 10%.