Bitcoin closed at $5,870.77 on Sunday, down $484.36 compared to market close on Saturday and down a further $233.05 from Friday’s closing exchange rate.

It had hit a record high of $7,450.32 at the end of trading on Wednesday, according to Bitstamp’s website.

Some traders began selling off bitcoin last week, feeling it was overpriced, and buying a rival cryptocurrency called Bitcoin Cash, Reuters reported on Friday.

Bitcoin’s value had risen roughly 10% between 1 and 8 November, following news that the world’s biggest derivatives exchange would launch a bitcoin market, and a separate announcement that industry plans to split the currency in two were put on hold.