A representation of virtual currency bitcoin is seen in this illustration. Image Credit: REUTERS

Singapore: Cryptocurrency bitcoin dropped as much as 6 per cent in Asia trade on Tuesday and was trading around $52,000 (Dh191,006) as it pulls back from record highs following a long and sharp rally.

Bitcoin hit a low of $50,848 in the session following a wild ride on Monday where it traded in a $10,000 range. It's up nearly 90 per cent from the year's low of $27,734.

Ether, the coin linked to the ethereum blockchain, also dropped more than 5 per cent and last bought $1,707, down almost 17 per cent from last week's record peak.