The cryptocurrency market lost $ 200 billion of its market value within 24 hours, against the backdrop of a 12% decline in the price of the “Bitcoin” currency, Monday.
According to a report by CoinMarketCap, the market value of digital currencies reached $ 1.08 trillion on Sunday, but within 24 hours the value fell to about $ 880 billion.
Despite the significant decline in the value of “Bitcoin” to a price that fluctuates between 30 thousand and 32 thousand dollars, the digital currency still maintains its annual growth rate of 300%, as it achieved the highest price in its history in the first week of 2021, by reaching About 42 thousand dollars.
The value of the “Ether” currency, the second-largest digital currency in terms of circulation and spread, decreased by 23%, to less than $ 1000.
Chamath Palihaptia, founder, and director of Social Capital expects the value of Bitcoin to reach more than $ 200,000 over a period of 5 to 10 years, depending on the idea of the steady increase in the rate of demand for the cryptocurrency compared to the available ones.
It is reported that the Bitcoin mining network is designed in such a way that the currencies available for mining are limited to a maximum of 21 million coins.