The total value of the digital currencies has further declined in the last 48 hours by more than $10 billion. The market has come crashing down ever since it reached its all-time high of $115 billion in mid-June to dropping down to 46.9%, coming down at $61bn.
The price of Bitcoin kept declining after dropping below the $2,000 mark. The hit was the lowest for Bitcoin ever since May.
The major fall was experienced by the cryptocurrencies that had seen huge gains recently that include ether and XRP, that power the ethereum blockchain and Ripple Consensus Ledger that slipped down by 28% and 25% respectively in the 48 hours.
The Bitcoin price has slipped by 38% from $3,018 on 12th June to as low as $1,866, which was the lowest figure seen on the CoinDesk Price Index (BPI) in a span of two months.
In the coming week, the technical developments in Bitcoin, as well as changes to Ethereum's ICO economy, is speculated to put sell-side pressure on the market.