Bitcoin is trading nearly 40% below its record price of $64,000 following a sudden crash sparked by regulatory moves in China.
Ethereum is down more than 35% from its all-time high, and Dogecoin is off more than 45%.
Investors expect cryptocurrencies to be volatile.
But the severity and breadth of the pullback has traders worried about a potential bubble, and observers are asking tough questions about whether coins are good stores of value.
The crash follows heightened interest from institutional investors in crypto assets, a trend highlighted by Tesla’s decision to purchase $1.5 billion worth of bitcoin.
Adoption by other big corporates and investors may now slow.