A visual representation of the digital currency Bitcoin on November 20, 2018 in London, England.
Jordan Mansfield | Getty Images News | Getty Images
GUANGZHOU, China – Bitcoin and other digital currencies were taken away on Monday and ended up with about $ 170 billion from the entire cryptocurrency market.
The market capitalization or market value of cryptocurrencies was $ 959.53 billion at 12:10 Singapore time, below the $ 1.1 trillion a day earlier, according to Coinmarketcap.
Bitcoin, the largest cryptocurrency, fell more than 11% a day earlier to $ 35,828.06, around 12:15 p.m. Ether, the second-largest, fell about 15 percent to $ 1,126.72.
The sale of cryptocurrencies comes after a big upswing and may mark some investor profits. Bitcoin has still risen above 340% in the last twelve months and last week reached an all-time high just below $ 42,000.
The resurgence of Bitcoin has been attributed to several factors, including the purchases of large institutional investors.
And it has also been compared to digital gold, an active potential for safe haven and protection against inflation. In a recent research note, JPMorgan said Bitcoin could reach $ 146,000 in the long run as it competes with gold as an “alternative” currency. Investment bank strategists noted, however, that bitcoin should be substantially less volatile to reach that price. Bitcoin is known for wild price changes.
But some bitcoin critics, such as Rosenberg Research economist and strategist David Rosenberg, have called bitcoin a bubble.
However, a long-term bullish trend remains around bitcoin. Last week, Chamath Palihapitiya of Social Capital said Bitcoin could top $ 100,000.
“It will probably reach $ 100,000, then $ 150,000 and then $ 200,000,” Palihapitiya told CNBC’s “Half-Hour Report.” “In what period? I don’t know. [Maybe] five or ten years, but there you go. “