Bitcoin, Ethereum plunge in dramatic pullback from all time highs

The world's two biggest digital currencies by market cap, Bitcoin and Ethereum, both sold off sharply over the weekend, as traders locked in gains from a recent rally which took prices to all-time highs.

On the U.S.-based Bitfinex exchange, Bitcoin dropped to $4,380.90 by 11:05AM ET (1505GMT) on Sunday, down $346.30, or around 7.3%. It was the biggest sell-off since mid-July.

The digital currency rallied to an all-time high of $4,911.80 earlier on Saturday.

Over the past year, Bitcoin has surged more than 400%, easily outperforming U.S. stock benchmarks such as the S&P 500 and Nasdaq.

Meanwhile, Ethereum, Bitcoin's closest rival in terms of market cap, sank 14%, or $54.30, to $333.06. It briefly rose to a record peak of $394.78 on Saturday.

Other prominent cryptocurrencies such as Litecoin, Ripple and Dash also traded sharply lower.

The total value of all publicly traded cryptocurrencies was $158 billion, a figure that was down more than 12% from a high of nearly $180 billion reached on Saturday night.

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