Bitcoin price latest: Cryptocurrencies including ethereum, litecoin and ripple all decline in value

All but two of top 50 virtual coins by market capitalisation slump 

Joe Sommerlad
Wednesday 07 March 2018 12:51 GMT
What is Bitcoin and why is its price so high?

Bitcoin’s price has dropped by 6.15 per cent over the last 24 hours - while almost all of the alternatives to the market leading cryptocurrency are also in decline.

At the time of publication, all but two of the top 50 digital currencies by market capitalisation have fallen in value since yesterday, according to CoinMarketCap.

Bitcoin is now valued at $10,526 (£7,594) as a result of the drop - thought to have been sparked by the US Securities and Exchange Commission warning that platforms being used to trade digicoins will ultimately have to be registered before they are allowed to continue operating.

Ethereum, the second most valuable digital currency, is down 7.62 per cent to $799.61 (£576.96) while ripple XRP, the third most valuable digital currency, is down 6.81 per cent to $0.90 (£0.65).

Bitcoin cash and litecoin, which complete the top five, are down 6.81 per cent and 7.01 per cent respectively. They are now valued at $1,153 (£832) and $189.49 (£137) in turn.

​Golem, ranked 55 of the 1,541 digital coins on the market, suffered the biggest decline of anyone in the top 100, having fallen by 16.63 per cent to $0.38 (£0.27).

Since its peaking at an all-time high of $19,850 (£14,214) in mid-December, bitcoin's value has returned to a more stable norm around the $10,500 mark (£7,568).

Its market capitalisation remains healthy at $178bn (£128bn), although its recent headline-grabbing success has led the generally highly positive performance of its top five rivals to go unrecognised.

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