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Bitcoin surged by over 12 percent to hit a fresh all-time high of $2,791.70 before retreating and erasing the gains incurred earlier in the session.
According to CoinDesk the record gains seen on Thursday driven by the strong demand in Asia has brought the crypto currency's gains for May to over 100 percent. At Thursday's all time record high, bitcoin has risen by over 45 percent in a week and over 180 percent so far this year.
However, the digital currency's renowned volatility was underlined later in the plunged by over $315 to trade lower. Analysts said the movement of Bitcoin denoted a big correction in trade.
Bitcoin managed to reverse some of the losses and was last trading 3.18 percent up at $2, 555.13.
The overturn seen earlier in the session came just as demand for bitcoin scaled peak levels and was said to overwhelm some bitcoin exchanges.The asset surged beyond $2,400 and $2, 500 after an announcement that brought some clarity regarding the future development of the digital currency. The Digital Currency Group said 83 percent of bitcoin miners were in favor of a “Bitcoin Scaling Agreement” for a particular technological upgrade. Bitcoin prices then rose overnight as demand in Asia continued to be solid.
