Over $550 billion wiped off cryptocurrencies since record high just under a month ago

Over half a trillion dollars of value has been wiped off the entire cryptocurrency market in just under a month, as the prices of popular digital coins plunge.

On January 7, the market capitalization or value of the entire cryptocurrency market hit an all-time high of $835.69 billion, according to Coinmarketcap.com, a website that takes into account the prices of over 1,000 digital coins across different exchanges. In early trade on Tuesday, the value of the cryptocurrency market had plunged to $278.53 billion, marking a more than $557.1 billion drop since the record high.

It comes as virtual coins across the board take a hammering. Bitcoin briefly dipped below $6,000 for the first time since mid-November on Monday, according to data from CoinDesk. Bitcoin is still significantly higher on the year but down sharply since it recorded an all-time high of $19,783.21 in December…

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