The world's biggest and best-known cryptocurrency fell nearly 30 percent on Friday to $11,000. On Tuesday, it traded at about $15,000 on the Luxembourg-based Bitstamp exchange.
Ethan Lou, senior partner at a cryptocurrency mining firm Ocuis, says the dip was a healthy correction. He sees bitcoin at least doubling its current price by the end of next year.
(SOUNDBITE) ETHAN LOU, SENIOR PARTNER, OCUIS (ENGLISH) SAYING:
"A lot of this this dip has been attributed to people in the West celebrating Christmas and withdrawing money for the holidays. And, if we see that now, what will we see during the so-called Asian Christmas, the Lunar New Year. A lot of the trading volume comes from China, Korea, and Japan, and those countries could be very much a standstill in about one or two months when the Lunar New Year comes. And, I think, that would be a time period to watch."
Bitcoin had risen around twentyfold since the start of 2017. It climbed from less than $1,000 to as high as $20,000. But it has also posted heavy declines.
On Tuesday, other cryptocurrencies also recovered. The second-biggest by market size, Ethereum, traded at around $800. That was up from Sunday's low of $700, but still far from highs around $900 last week.