Bitcoin fell more than 5% today, a day after topping $40,000 for the first time. 

The world's most popular digital currency slid to as low as $36,618.36 on Bitstamp exchange, after reaching an all-time high of $40,402.46 in the previous session. 

Rival cryptocurrency ethereum sank more than 10% to as low as $1,064.89. 

Bitcoin has rallied more than 700% since a low in March. 

It topped $30,000 for the first time on January 2, after surpassing $20,000 on December 16. 

Market participants had warned of a correction after the $40,000 milestone was reached. 

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin's surge, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates. 

JPMorgan strategists wrote on January 5 that the digital currency has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-haven asset.