Bitcoin fell as much as 11 percent against the U.S. dollar in 24 hours by Friday afternoon during Asian hours, marking fresh declines for the world's largest cryptocurrency.

It's been a rough December for the digital token: Its price dropped 8 percent on the first day of the month.

Bitcoin traded at $3,376.27 as of 8:40 a.m. ET Friday, falling 8 percent over the last 24 hours, according to data from industry site Coindesk.

Prices of XRP and Ether, the second and third largest cryptocurrencies by market value, plunged in the same 24 hour period. XRP fell 10.16 percent and Ether dropped 15.56 percent, according to Coindesk.

One analyst told CNBC via email that the cryptocurrency market "definitely seems to be suffering."

"The market is in a general bearish trend that doesn't seem to be letting up driven by what seems to be a general negative sentiment towards crypto," said Zennon Kapron, director at financial technology consultancy Kapronasia. "As the market is heavily retail driven, it's very much at the mercy of group sentiment which causes huge swings."

"Without any positive drivers in the near future, this could continue well into 2019," he said.

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