Earlier this month, the main digital currency was worth less than $18,000. Cryptocurrencies have suffered significant losses this year. This is mainly attributed to higher interest rates. Cryptos are seen as risky investments and when interest rates rise, many investors choose to take less risk. On January 1, bitcoin was worth more than $47,000. Last November, the digital currency peaked at more than $68,000.
According to CoinGecko, which tracks the digital currency market, the total value of all cryptos in the past 24 hours has been around $1 trillion. That is about a third of the record level reached last November.
