According to data provided by CoinGecko, the price of Bitcoin, the largest cryptocurrency, has crashed to $79,276, the lowest level since November.
The flagship cryptocurrency is now down 26.6% from its record peak of $108,786.
The bellwether cryptocurrency is down more than 6% over the past 24 hours alone.
The majority of top altcoins have underperformed Bitcoin. The Ripple-affiliated XRP cryptocurrency has plunged by 8.2% over the past 24 hours.
However, there are some signs that at least a short-term price bounce might be on the horizon.
A whale loses $17 million
Analytics firm Lookonchain has revealed that the whale who went long on Bitcoin two months ago has now lost more than $17 million.
The whale is now on track to be liquidated if the price of the leading cryptocurrency collapses to $69,839.
A textbook correction?
According to 10x Research, the cryptocurrency market correction was expected due to waning speculative momentum.
According to the firm, the shift in sentiment has "significantly dampened" retail speculation.
Dan Burgin
Vladislav Sopov