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Published: Jun 13, 2022 6 min read

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photo illustration of a bitcoin coin rolling downhilll atop an image of a US Dollar
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Bitcoin investors are really suffering right now.

The cryptocurrency plunged over the weekend and now sits around $23,600 per coin, down more than 60% from its high of $68,000 in November. Bitcoin's price hasn't been this low since December of 2020.

The emergence of crypto markets has been "one of the most rapid wealth creation events in human history," with the total market capitalization rising by 2,761% between mid-June 2017 and the start of November 2021, Paul Hickey, co-founder of Bespoke Investment Group, wrote in a note to clients Monday morning.

"Wealth destruction is proving almost as rapid on the downside," Hickey added.

Bitcoin's price has fallen around 16% in the last 24 hours and 25% over the last seven days, according to data from CoinMarketCap.

It's not alone: Ether, the second largest cryptocurrency after bitcoin by market value, is down 18% over the last 24 hours, and cryptos like Cardano, Solana and Dogecoin have plummeted as well.