Bitcoin was on the brink of entering a bear market Tuesday as the volatile crypto asset suffered a double-digit plunge over the past 24-hour period.

A single bitcoin BTCUSD, +2.47% was trading at $47,944.40, down around 10%, on CoinDesk, representing a roughly 18% skid for the popular digital asset from its rise over the weekend to a record at $58,332.36. The world’s No. 1 crypto had tumbled by at least 20% from that recent peak at one point over the past 24 hours, meeting the commonly used definition for a bear market.