Bitcoin and almost every other cryptocurrency crashed hard today

Bitcoin has dropped more than 30 percent after passing the all-time record $20,000 mark just days before.

The cryptocurrency plunged to $13,000 on Friday morning after reaching a peak on Sunday.

It is widely believed that soaring popularity of Bitcoin Cash, which is a clone that shares its name and many key features, might be to blame.

After Coinbase, one of the largest cryptocurrency exchanges, introduced Bitcoin Cash on Tuesday, Bitcoin's price dropped 10 per cent and fell to $17,000 by Wednesday morning.

News of a crash appears to have exacerbated the problem, with the price dropping steadily throughout Thursday evening and the early hours of Friday morning.

Bitcoin's staggering rise has become something of a roller coaster ride and while the drop appears significant, analysts have assured those who have invested that it has only dropped to a price seen two weeks ago, and could easily rise again.

Now almost a decade old, it has struggled to cope with the surge in price and popularity that has seen its price rise from $1,000 at the start of the year.

Amid its ongoing popularity, many financial sector analysts and banking leaders have warned against buying Bitcoin, with JP Morgan boss Jamie Dimon describing it as “fraud”.

There have been comparisons to the dotcom bubble of the early 2000s which saw technology stocks lose billions in value and even the alleged “Beanie Baby bubble”.

Others claim that drops like those seen on Friday have happened before and are not a warning sign. In September, after reaching a then high point of more than $5,000, Bitcoin lost almost half of its value in a few days as investors cashed in their profits.

Blockchain.info, the largest Bitcoin storage website, which holds people’s cryptocurrency in digital wallets, claimed to have 10 million customers at the start of 2017.

Bitcoin “billionaires” include the Winklevoss twins, who sued Mark Zuckerberg claiming he stole the idea for Facebook.

What are your thoughts? Do you think Bitcoin will recover from this stagger? Or is it just a phase? Comment below, and let me know your opinions.