On Binance, the largest cryptocurrency exchange by trading volume, Bitcoin was trading at over $25,000, as of 03:36 GMT, but its price has since sunk below this level. As of 03:50 GMT, Bitcoin's price stood at $24,908.
The cryptocurrency broke its all-time records earlier this month, with several dramatic changes: on 17 December, it rose almost 20 percent in a single day and subsequently reached $24,000 by 20 December - only to sink back to trading at $22,124 on Monday, 21 December.
Bitcoin was launched in 2009 and became the first cryptocurrency to use a decentralised blockchain-based network. It is not subject to any central bank policies or regulations, deriving its value through a "mining" process and is transferable through peer-to-peer transactions recorded by a blockchain.
At the moment, Bitcoin accounts for approximately 65.6 percent of the world's cryptocurrency market.