Bitcoin jumped more than 12 percent Thursday to an all-time high of $2,791.70 before plunging and giving up the day’s gains.
The rise, based on strong demand out of Asia, had brought its gains for the month of May to more than 100 percent, according to CoinDesk.
But the digital currency’s volatility became apparent later in the session as it suddenly sank by more than $315 to trade lower.
“It feels like 1999 right now,” said Brock Pierce, managing partner of Blockchain Capital, from the sidelines of the Token Summit conference in New York Thursday. “We may end up having a similar outcome. We could see a big correction here.”