Cryptocurrency price: $1 trillion wiped out by a plunge in value

The world's most valuable criptome was trading at an all-time high of $70,000 last November. The last 24 hours, the price ofBitcoin has plunged more than 8%, trading as low as $34,064. More than $1 trillion has been wiped out of the global criptocurrency market after a recent drop in value.

Since the beginning of the year, the value of the virtual currency has plummeted by almost a quarter, while the second-largest criptocurrency,Ethereum, dipped about 35 percent. This comes as cryptocurrencies are facing a dramatic market selloff. Given the increasing correlation between equities markets and cryptocurrencies, the poor stock market performance this week — the worst since the COVID- 19 epidemic began, saw a major selloff of major stocks, particularly tech stocks.

The Dow Jones industrial average fell by almost 4% this past week, or 1,400 points. The S&P 500 dropped 5.1 percent, spurred by high inflation that will cause the Fed to raise interest rates later this year.

The volatility is worth thinking about in raw dollar and percentage terms, as well as in percentage terms, according to analysts at Bespoke Investment Group.

The value ofBitcoin has fallen about 50 percent since November.

According to a report by Huobi Research, the price of virtual currency is expected to enter a bear market this year.

Over the next five years, Goldman Sachs predicts thatBitcoin's price could easily surpass $100,000 due to the increasing displacement of gold in the market share.