04:18 GMT17 January 2021
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    The world's most popular cryptocurrency previously topped the $19,000 mark, nearly reaching its record-high prices from 2017. In the meatime, Bitcoin's market value has been estimated at $355.9 billion, surpassing previous records.

    Bitcoin dropped to $16,933 on Thursday, losing almost one-tenth of its price, leading a downward trend for cryptocurrencies. Ripple's XRP dropped 20.26% to $0.51 and Ethereum fell 13.16% to $500.8, after both also showed high results last week.

    Bitcoin is a decentralised online currency that is not subject to a central bank. It has built-in value due to an artificial scarcity through its accumulation process known as "mining".

    A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020.
    © REUTERS / DADO RUVIC
    A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken November 19, 2020.

    It has become a normal form of payment by many corporations, including AT&T, Overstock.com, Microsoft, and Twitch. In October, Bitcoin increased its price after PayPal announced that users would be able to buy, hold, and sell the cryptocurrency on their platform.

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