The two most popular cryptocurrencies are ether and bitcoin.
In the early hours of Saturday, the price of the virtual currency plummeted to a low of $43,000.
The world's most prominent criptocurrency changed hands at around $47,607. In the past 24 hours, it has dropped more than 16%.
The price of ether dropped more than 10% to a low of $3,500. It came back and was trading around $3,888.
The second-largest digital coin by market value has lost more than 12% in the past 24 hours.
Since the emergence of the omicron Covid variant, trade has been volatile. The bear market officially began on Nov. 26 when the price of the digital currency hit a seven-week low.
The all-time high of $69,000 was hit in early November. Bear markets are defined as a decline of 20% or more from recent highs.
