A visual representation of the cryptocurrency Bitcoin on November 20, 2018 in London, England.

Jordan Mansfield | Getty Images News | Getty Images

GUANGZHOU, China — Bitcoin and other digital coins tanked on Monday wiping off some $170 billion from the entire cryptocurrency market.

The market capitalization or value of the cryptocurrency market was $959.53 billion at 12:10 p.m. Singapore time, down from $1.1 trillion a day earlier, according to Coinmarketcap.

Bitcoin, the largest cryptocurrency, fell over 11% from a day earlier to $35,828.06, at around 12:15 p.m. Singapore time. Ether, the second-largest, was down around 15% to $1,126.72.

The sell-off in cryptocurrencies comes after a huge rally and perhaps signals some profit-taking from investors. Bitcoin is still up over 340% in the last 12-months and last week hit an all-time high just below $42,000.

Bitcoin’s resurgence has been attributed to a number of factors including more buying from large institutional investors.

And it has also been likened to “digital gold,” a potential safe-haven asset and a hedge against inflation. In a recent research note, JPMorgan said bitcoin could hit $146,000 in the long term as it competes with gold as an “alternative” currency. The investment bank’s strategists noted, however, that bitcoin would have to become substantially less volatile to reach this price. Bitcoin is known for wild price swings.

But some bitcoin critics — such as David Rosenberg, economist and strategist at Rosenberg Research — have called bitcoin a bubble.

Long-term bullishness around bitcoin remains however. Last week, Social Capital’s Chamath Palihapitiya said bitcoin could go above $100,000.

“It’s probably going to $100,000, then $150,000, then $200,000,” Palihapitiya told CNBC’s “Halftime Report.” “In what period? I don’t know. [Maybe] five or 10 years, but it’s going there.”

You May Also Like

Amazon’s new boss faces pressure from all sides as Bezos leaves for space

Amazon.com founder and CEO Jeff Bezos. Getty Images Ann Hiatt remembers Jeff…

San Francisco Mayor Breed says city faces remote work challenge as tech workers leave town or stay home

San Francisco Mayor London Breed speaks outside City Hall in San Francisco.…
Airtel Payments Bank Smartwatch With RuPay Chip Launched in India in Partnership With Noise and NPCI

Airtel Payments Bank Smartwatch With RuPay Chip Launched in India in Partnership With Noise and NPCI

Airtel Payments Bank introduced a smartwatch with support for National Common Mobility…

Neeva, co-founded by a former Google exec, to shut down its consumer search product and focus on A.I.

Sridhar Ramaswamy Krisztian Bocsi | Bloomberg | Getty Images Neeva, the privacy-focused…