Cryptocurrency Market Drops $60B in Value in 24 Hours

via Casascius / CC-BY-2.0

Has the hype surrounding cryptocurrency finally fizzled?

On Thursday morning (March 15), the world’s market capitalization of digital coins dropped more than $60 billion in value.

A day earlier, the market cap was at $372.9 billion. It dropped to $310.4 billion by the morning.

The most prominent cryptocurrency, Bitcoin, traded as low as $7,676.52 on Thursday — the lowest mark since February 8. The price has since recovered to $8,219.77, pushing the total cryptocurrency market cap to $331.7 billion.

The price down is atributed to a number of factors, including Google announcing that it is banning cryptocurrency-related advertising.

Also, a massive influx of Bitcoin hit the market, from collapsed Japanese exchange Mt.Gox, and initial coin offering scams, among others.

What do you think of cryptocurrency? Do you still have faith in it?