ISTANBUL

Bitcoin fell below the $62,000 level early Wednesday to erase all its gains during the month of March.

The price of Bitcoin was trading around $62,900 at 0145GMT for a daily loss of 7%, according to data from CoinMarketCap, a digital asset price-tracking website.

The world's biggest cryptocurrency briefly dove to $61,689 earlier -- its lowest level since the beginning of March.

Ethereum, the world's biggest altcoin by market cap, fell 8.7% to $3,209 at the time. Some altcoins saw their prices plummet as much as 13%.

The value of the cryptocurrency market was down a massive 8.2% to $2.34 trillion while Bitcoin's share of the crypto market, known as dominance, was at 52.2% and Ethereum's dominance was at 16.3%.

The major selloff in the cryptocurrency market is viewed as a correction by most analysts after Bitcoin saw its price climbing to $73,666 last Thursday, the highest level in its 15-year history. The next day, it pulled back from that level and the rally in the cryptocurrency market has come to a pause.

Bitcoin has been on a rally since Jan. 11, when the US Securities and Exchange Commission approved spot Bitcoin ETFs or exchange-traded funds. The move allowed investors, especially financial institutions, to trade Bitcoin without owning it.