New Delhi, Feb. 23 -- Top cryptocurrencies plunged on Tuesday morning with bitcoin cracking more than 8% to tumble below the $53,000 level. The biggest cryptocurrency in terms of market capitalization was trading at $51,236 at around 9.05 pm, as per data available with WazirX. Bitcoin had hit an all-time high of $58,332.36 last week.

Currently, bitcoin commands a market capitalization of $975 billion. On 19 February, it had become the first digital currency in the world to hit a market valuation of $1 trillion after it crossed the $53,683 level. It took less than two months to reach this mark from the price point of $25,000 by December 2020 end.

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