The cryptocurrency, which was at about $1,000 at the year’s start, had surged to a record high of $19,666 on Sunday in the lead up to exchange giant CME Group’s launch of its bitcoin futures. It has since lost about a third of its value.

“Keep in mind that bitcoin has gone up a lot this year, so a correction is always likely,” said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers in Sydney.

“A lot of the capital is flowing from bitcoin into alternative coins. You’ve seen companies like Verge and Ripple, which are over 400% in the last week,” Chanel at ASR Wealth Advisers said.

Verge and Ripple are among an array of cryptocurrencies that both emulate and compete with bitcoin.

Bitcoin is known to go through wild swings. In November, it tumbled almost 30% in four days from $7,888 to $5,555. In September, it fell 40% from $4,979 to $2,972.

“Trading in bitcoin is akin to gambling, so its movements don’t follow logical patterns,” said Takashi Hiroki, chief strategist at Monex Securities in Tokyo.

“Unlike equities and bonds, it is not possible to calculate expected returns on bitcoin, so buying it becomes a gamble rather than an investment.”

While CME and its rival Cboe Global Markets move to list bitcoin futures has given the digital currency some perceived legitimacy, some policymakers remain skeptical.

South Korea’s Financial Supervisory Service said on Tuesday it does not consider bitcoin and other cryptocurrencies to be currencies of any kind.

Japanese Finance Minister Taro Aso said on Tuesday that bitcoin had not been proven as a credible currency.